Seoul – Hyundai and Kia have reduced the prices of their electric cars sold in South Korea (South Korea). This step was taken considering the additional subsidy provided by the government.
As reported by Carscoops, on Monday (2/10/2023), Hyundai has confirmed that the prices of its electric cars, Ioniq 5, Ioniq 6, and Kona Electric will decrease. Discounts for each model vary.
Hyundai decided to give a winning discount of 4 million or around Rp. 45 million for the Ioniq 5 and Ioniq 6 models. Meanwhile, Kona Electric received a discount of 2 million won or Rp. 22 million.
For example, the Hyundai Ioniq 5 will be sold at a price of 46 million won or IDR 527 million. Customers who live in Seoul can buy it at a cheaper price of around 40 million won or 458 million IDR if local subsidies are taken into account.
Meanwhile, Kia has reduced the price of the EV6 by 3.84 million or around IDR 30 million from the regular price tag. Meanwhile, the Kia Niro EV and Niro Plus have each been discounted by 1.44 million won or IDR 11 million.
Discounted prices for Hyundai and Kia electric vehicles will be in effect from October until the end of 2023.
This discount will certainly widen the differences in car prices in different parts of the world, as some Hyundai and Kia models will be a third cheaper in South Korea than in other countries.
Regarding the drop in the price of electric vehicles in South Korea, the Head of the Jeonbuk Institute of Connected Vehicle Technology, Lee Hang-Koo, when interviewed by Bloomberg, said that this could further strengthen the ongoing price war in the South Korean automotive industry. .
“The price war will intensify next year in Korea as foreign automakers may release new models,” Lee said.
“Car brands from the US or Europe made in China can attract popularity,” he continued.
South Korea’s government hopes the subsidies will help revive sales of electric cars in the country. A total of 67,654 electric car units were sold there in the first eight months of 2023.
Although this is a large number, this number is lower compared to last year in the same period of 71,744 units.
In Seoul, the government is ready to subsidize 13,688 electric vehicles this year. However, so far the government has subsidized only 5,522 vehicles.
Author: Santo Sirait
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