EV6 priced at 52 million KRW sells for 38 million KRW in Jeju... Electric Vehicle Price Competition Begins

Additional Reduction After Government Subsidy Confirmation

Kia is holding an EV Festa event starting from the 22nd, offering discounts on electric vehicle prices. With no set deadline for the promotion, this year-round discount effectively lowers the cost of cars. This move aligns with government policies that have increased subsidies to expand the adoption of electric vehicles.

Through this event, Kia has reduced the price of the EV6 by 3 million KRW and the EV9 by 3.5 million KRW. The Niro EV price has been cut by 1 million KRW. For the 1-ton electric cargo truck Bongo EV, up to 700,000 KRW will be supported for charger installation costs.

The EV6 GT is on display. Photo by Jinhyung Kang aymsdream@

As of the previous day, in Jeju-do where local government subsidies have been finalized, purchasing a Kia electric vehicle results in a real purchase price after tax benefits and subsidies. The EV6 Long Range 2WD 19-inch model drops from 52.6 million KRW to 38.91 million KRW, a decrease of 13.69 million KRW. This reflects the national subsidy of 6.3 million KRW, local government subsidy of 4 million KRW, discount benefit of 3 million KRW, additional government subsidy of 540,000 KRW, and related tax effects.

The EV9 2WD 19-inch model price decreases from 73.37 million KRW to 65.19 million KRW. This includes a national subsidy of 3.01 million KRW, local government subsidy of 1.85 million KRW, an additional 3.5 million KRW discount, and tax benefits combined. The Niro EV Airtrim price falls from 48.55 million KRW to 37.98 million KRW. This incorporates a national subsidy of 5.81 million KRW, local government subsidy of 3.66 million KRW, an additional 1 million KRW discount, an extra subsidy of 150,000 KRW, and tax effects, resulting in a lower car price.

On the 20th, the government finalized electric vehicle subsidies and decided to provide additional subsidies aligned with manufacturer discounts to increase adoption. Hyundai Motor also plans to reduce the prices of the Ioniq 5 and Ioniq 6 by 2 million KRW each. Some of these will be provided as charging credits.

Electric vehicle charging
Photo by Yonhap News

KG Mobility has decided to lower the price of the Torres electric vehicle (EVX) by 2 million KRW until the end of the year. This reduction corresponds to the decrease in national subsidies following changes in subsidy payment criteria this year. When the Torres EV was pre-ordered last year, the base model was priced at 49.5 million KRW, but with this price cut, it is now 45.5 million KRW. After applying the national subsidy, the price drops to 40.93 million KRW, and including local government subsidies, it falls into the 30 million KRW range.

Additionally, imported brands have also lowered the prices of major electric vehicle models below the subsidy cap of 55 million KRW. The Volkswagen ID.4, Polestar Polestar 2, and Tesla Model Y 2WD have been reduced by 1 to 2 million KRW to 54.9 million KRW.