Hyundai and Kia, the two Korean auto giants, are currently facing a slowdown in sales. To combat this, they have decided to offer generous incentives and price cuts globally on their vehicles. These discounts are being rolled out in major markets such as North America, Europe, Asia-Pacific, the Middle East, and Central and South America.
The discounts are applicable to some of their top-selling electric vehicles (EVs) like the IONIQ 5, as well as popular SUVs like the Tucson and Santa Fe. In some regions, the price cuts can be as high as 23 million won, which is nearly $17,000.
In specific markets like Serbia, Hyundai is offering discounts of up to 15,000 euros on models like the IONIQ 5 and IONIQ 6. Similarly, in Thailand and Chile, discounts can go up to 12 million won and 17.8 million won, respectively.
Kia, on the other hand, has launched its first electric hatchback, the EV4, and is already offering discounts in the UK. They are providing a $1,000 EV Finance Upgrade, low APR rates, and other incentives to attract buyers. These promotions cover all electric Kia vehicles, including the EV3, EV4, EV4 Fastback, EV5, EV6, EV6 GT, EV9, EV9 GT, and the Niro EV.
The reason behind these significant price cuts by Hyundai and Kia is speculated to be the new 25% US auto tariffs on imported vehicles, which is a major blow to Hyundai’s largest market. To offset this impact, Hyundai and Kia have instructed regional leaders to increase sales by 10% in other regions.
In the US, Hyundai had launched its “Customer Assurance” program in April, which promised not to raise vehicle prices until June 2. This program has now been extended until July 7. Despite rumors of price hikes after the window, Hyundai has denied making any decisions yet.
About 24% of Hyundai and Kia vehicles sold last year were in the US, making it essential for them to protect prices. To mitigate the impact of tariffs, Hyundai is ramping up local production and has recently opened a new EV plant in Georgia. They have started production of their first three-row electric SUV, the IONIQ 9, at this facility.
With Hyundai offering lease prices as low as $179 per month for the IONIQ 5 and Kia providing discounts of up to $12,500 on the EV9, consumers can take advantage of these savings. Hyundai is even offering a free ChargePoint Home Flex Level 2 charger with the purchase of any new IONIQ 9 or IONIQ 5 until the end of the year.
If you’re looking to benefit from these savings, you can use our link to find Hyundai and Kia’s electric vehicles in your area.
