"1 million KRW each?" The automotive industry drastically lowers electric vehicle prices... A bold move as the EV chasm persists.
Global automakers are launching various promotions in line with the South Korean government's electric vehicle (EV) support policies. As the electric vehicle market faces a prolonged "EV chasm" (temporary demand stagnation) due to issues such as charging infrastructure and price burdens, automakers are focusing on aggressive pricing strategies to secure a dominant position in the eco-friendly vehicle market. According to the automotive industry on February 5, Hyundai and Kia are running promotions offering additional discounts on their EV models. Hyundai’s promotion offers additional discounts ranging from 3 million to 5 million KRW on nine electric vehicle models, combining basic vehicle price reductions with monthly inventory discounts. Genesis offers a 3 million KRW discount on the GV60 and a 5% price reduction on the G80 electric model. In Seoul, applying these maximum purchase benefits, the following models see significant price reductions: ▲The Ioniq 5 2WD Long Range 19-inch Built-in Cam (non-applicable model) drops from 54.1 million KRW to 44.38 million KRW. ▲The Ioniq 6 2WD Standard 18-inch model drops from 46.95 million KRW to 37.81 million KRW. ▲The Kona Electric 2WD Standard 17-inch model drops from 41.42 million KRW to 31.52 million KRW. Kia is also offering manufacturer discounts through its "EV Festa" campaign: ▲2 million KRW off the Niro EV ▲1.5 million KRW off the EV6 ▲2.5 million KRW off the EV9 ▲3.5 million KRW off the Bongo EV Additionally, there are extra discounts for last year’s production models, with benefits ranging from 3.5 million to 5 million KRW depending on the vehicle. In Seoul, the prices for certain models drop as follows: ▲The EV6 2WD 19-inch Long Range trim goes from 50.6 million KRW to 40.58 million KRW ▲The EV9 2WD 19-inch Air trim drops from 73.37 million KRW to 65.6 million KRW ▲The Niro EV Air trim drops from 48.55 million KRW to 38.43 million KRW ▲The Bongo EV 1-ton 2WD Super Long King Cab Smart Selection trim drops from 43.15 million KRW to 24.5 million KRW KG Mobility (KGM) is also offering price discounts on electric vehicles. KGM is providing a 750,000 KRW discount on the electric SUV, the Torres EVX, bringing its actual purchase price down to around 39 million KRW. Additionally, for the taxi-exclusive models of the Torres EVX and the Korando EV, discounts of 1.5 million KRW and 1 million KRW, respectively, are being offered. The imported car industry is also focusing on expanding its market share in South Korea’s electric vehicle market. Volvo Car Korea launched its compact electric SUV, the EX30, on February 3, priced at just over 40 million KRW (after applying national and local government electric vehicle subsidies), which is one of the lowest prices globally. The company aims to attract initial sales by leveraging the new car effect and a maximum discount of 3.33 million KRW to enhance its price competitiveness. Stellantis Korea is taking proactive steps this month to reduce customers' burden by providing early electric vehicle subsidies, aiming to eliminate uncertainty surrounding EV purchases. Until the 28th, customers purchasing the Jeep Avenger or Peugeot e-2008 will receive both the expected national subsidy of 2.12 million KRW and 2.09 million KRW, respectively, along with additional local government subsidies based on their residence. Furthermore, by combining each brand's electric vehicle promotions with benefits such as free installation of a black box and Hi-Pass devices, the Jeep Avenger offers a minimum of 5.39 million KRW in benefits, and the Peugeot e-2008 offers a minimum of 7.86 million KRW. For customers in Gwangju, the city with the largest subsidy among metropolitan cities, the expected benefits for the Peugeot e-2008 and Jeep Avenger Altitude are 10.26 million KRW and 7.79 million KRW, respectively. BYD, a Chinese electric vehicle company that entered the domestic market earlier this year, has priced its compact electric SUV, the Atto 3, lower than in the Chinese market. The price of the Atto 3 ranges from 31.5 million KRW to 33.3 million KRW, and with the application of electric vehicle purchase subsidies, it is expected that the price could drop to the 20 million KRW range. If additional discounts are implemented in line with the South Korean government's policies, consumers' financial burdens would be significantly reduced. An automotive industry insider commented, "Automakers are expanding electric vehicle subsidy support in line with government policies," and expressed hope that proactive subsidy support would provide consumers with a wider range of choices. ChatGPT를 사용하여 번역한 기사입니다.
