Peugeot Electric Car Price in Korea Reduced by 14 Million Won... "Competing with Domestic Electric Cars"

French brand Peugeot announced on the 18th that it will lower the domestic sales price of its electric vehicles by up to 14 million KRW.

The electric vehicles currently imported by the company into Korea are the compact sport utility vehicle (SUV) e-2008 SUV and the hatchback model e-208. The e-2008 SUV Allure trim is priced at 38.9 million KRW, reduced by 14 million KRW, and the GT trim is priced at 41.9 million KRW, reduced by 13 million KRW.

The e-208 price was lowered by 13.1 million KRW from the previous 53 million KRW to 39.9 million KRW. Based on Gyeonggi Province standards, after applying government and local subsidies of about 5 million KRW and on-site promotional benefits, the actual payment price is in the mid-30 million KRW range. The company explained, "We decided to lower the price to directly overcome the weakened electric vehicle consumer sentiment and to allow more consumers to experience Peugeot electric vehicles, which are recognized in Europe."

Peugeot e-208 (left) and e-2008 SUV
[Photo by Stellantis Korea]

This price range is the lowest among compact imported electric vehicles. It also has price competitiveness compared to domestic electric vehicles. The basic model of the compact SUV Hyundai Kona Electric is priced at 46.52 million KRW, and the Kia Niro Electric is 48.55 million KRW. Although domestic electric vehicles receive more than 3 million KRW in subsidies due to driving range and battery performance, considering additional payments for convenience features, they are slightly more expensive.

The Kia EV3, scheduled for customer delivery this month, is priced in the mid-to-high 30 million KRW range, and the upcoming Casper electric vehicle and the compact Ray electric vehicle will be available from the mid-to-high 20 million KRW range. While lowering prices, Peugeot will also offer additional discounts on some quantities. Despite large-scale promotional activities, electric vehicle sales have been sluggish, with only 117 units sold until last month this year, leading the company to officially reduce prices.

The Peugeot e-208 and e-2008 SUV can travel 280 km and 260 km respectively on a single charge. Their energy consumption is 5.7 km/kWh and 5.2 km/kWh, receiving an energy efficiency rating of grade 2. The company explained that these models are suitable for urban driving in terms of body, ride comfort, and interior space.

Bangsil, CEO of Stellantis Korea, said, "In the fiercely competitive compact electric vehicle market, these two models with price competitiveness will be options for customers considering electric vehicles in the 30 to 40 million KRW range."