Price Cuts by Hyundai, Kia, and KG Mobility Following Electric Vehicle Subsidy Reduction
Following the revision of the electric vehicle subsidy system, domestic automakers have started lowering their sales prices.
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According to the Ministry of Environment and the automotive industry on the 20th, Hyundai Motor will reduce the price of the Ioniq 5 by 2 million KRW, and Kia will lower the price of the EV6 by 3 million KRW. Although these vehicles are priced below the maximum electric vehicle subsidy amount, the prices were reduced as the Ministry of Environment is considering providing an additional 20% support on the discount amount.
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KG Mobility will also reduce the sales price of the Torres EVX by 2 million KRW. According to KGM, the government subsidy for the Torres EVX has been reduced from 6.6 million KRW last year to 4.57 million KRW this year. Earlier, Tesla Korea also lowered the price of the popular Model Y by 2 million KRW following the announcement of the subsidy revision plan.
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