Kia Cuts EV5 and EV6 Prices by Up to 3 Million Won... Accelerates Electric Vehicle Popularization

Ultra-Low Interest Installment Plans for EV3 and EV4
EV5 Standard Available from the 34 Million Won Range

Kia is accelerating the popularization of electric vehicles by lowering the prices of the EV5 and EV6 by 2.8 million won and 3 million won, respectively, and by strengthening its financial services.

On January 22, Kia announced that it will expand benefits that customers can experience throughout the entire process of purchasing, owning, and replacing electric vehicles. The aim is to reduce the burden of purchasing electric vehicles and thereby expand the domestic EV market.

Kia Electric Vehicle Line. Kia

Starting today, the contract price for the EV5 Standard model is expected to drop to the 34 million won range. The EV5 Standard model is equipped with a 60.3kWh NCM battery, delivering a maximum output of 115kW and a maximum torque of 295Nm. The energy efficiency is approximately 5.1km/kWh, and the driving range per charge is about 335km with 18-inch wheels.

The prices are 43.1 million won for the Air trim, 46.99 million won for the Earth trim, and 48.13 million won for the GT Line. Customer deliveries are scheduled to begin in the third quarter. Once the model is listed under the eco-friendly vehicle notification, it will be eligible for tax benefits. When combined with government and local subsidies, as well as the conversion support payment for switching from an internal combustion engine vehicle to an EV, the price in Seoul can be reduced to the 34 million won range.

In addition, the price of the EV5 Long Range model will be reduced by 2.8 million won. After applying EV tax benefits and a 3.5% individual consumption tax, the prices are 45.75 million won for the Air trim, 49.5 million won for the Earth trim, and 50.6 million won for the GT Line. Including government and local subsidies and the conversion support payment, the purchase prices in Seoul are 37.28 million won for the Air trim, 41.03 million won for the Earth trim, and 42.13 million won for the GT Line.

The Kia EV5 Standard. Kia

The price of the EV6 will also be reduced by 3 million won. The adjusted prices for the Standard model are: Light at 43.6 million won, Air at 48.4 million won, and Earth at 52.4 million won. For the Long Range model: Light at 47.6 million won, Air at 52.4 million won, Earth at 56.4 million won, and GT Line at 57 million won. The EV6 GT model is priced at 71.99 million won (not eligible for eco-friendly vehicle tax benefits).

After applying government and local subsidies and the conversion support payment, the prices in Seoul are: Light at 35.79 million won, Air at 40.59 million won, and Earth at 44.59 million won. For the Long Range model: Light at 38.89 million won, Air at 43.69 million won, Earth at 47.69 million won, and GT Line at 48.29 million won.

Kia plans to strengthen its product competitiveness and broaden customer choices by sequentially launching high-performance electric vehicle models such as the EV3 GT, EV4 GT, and EV5 GT in the first half of the year.

Additionally, to reduce the initial financial burden of purchasing an electric vehicle, Kia is significantly enhancing its ultra-low interest installment plans and residual value guaranteed deferred payment options.

For customers purchasing the EV3 or EV4 using the M Installment Standard Plan (equal principal and interest repayment), the interest rates are 0.8% for 48 months and 1.1% for 60 months. These rates are up to 3.3 percentage points lower than the standard rates for the M Installment Standard Plan. For example, purchasing the EV4 Long Range Earth with a 40% down payment over 60 months reduces the interest burden by approximately 2.6 million won.

When using the residual value guaranteed deferred payment plan for the EV3 or EV4, the interest rate is 1.9% (for a 36-month term), which is 2.7 percentage points lower than the standard rate for the M Installment Deferred Plan. Up to 60% of the vehicle price can be deferred until maturity. There is also a complete waiver of early repayment fees, allowing customers to repay the remaining principal and end the installment plan at any time. For instance, if a customer purchases the EV4 Long Range Earth with a 30% down payment (including subsidies) and defers 60%, the monthly payment for a new vehicle can be in the 190,000 won range.

The residual value guaranteed deferred payment plan is especially popular among customers in their 20s and 30s, as it reduces the initial cost burden and lowers monthly payments. Kia expects that these new terms will further increase electric vehicle usage among younger customers.

The Kia EV5 Standard. Kia

To improve convenience and reliability for electric vehicle users, Kia is strengthening its service network and the capabilities of its specialized personnel.

Kia provides extensive maintenance services through 17 directly operated service centers and over 750 Auto Q locations nationwide. The company plans to expand the deployment of 'KEVT PRO' electric vehicle maintenance specialists to all service locations in the future. This will ensure that EV customers can receive convenient and reliable services for both basic and advanced maintenance at every service center.

To further reduce the total cost of ownership (TCO) for electric vehicles, Kia is expanding service locations nationwide that are capable of partial repairs for high-voltage batteries.

Kia's high-voltage EV batteries are designed to allow precise repairs of only the damaged areas, making partial repairs possible at about 3-6% of the cost of a full replacement. Kia will continue to increase its specialized equipment and personnel for partial high-voltage battery repairs and focus on enhancing service quality so that customers can receive fast and cost-effective services at nearby locations.

Kia is also strengthening the competitiveness of its certified used electric vehicles to improve transparency and reliability in the used EV market and to lower barriers to EV replacement. For the first time in Korea, Kia is introducing a five-tier 'Comprehensive Used EV Quality Grading System,' which comprehensively evaluates key quality factors such as battery performance and condition, providing transparent and reliable performance information.

Kia will also increase benefits for customers repurchasing electric vehicles. When a customer sells their vehicle to Kia Certified Used and purchases a new Kia electric vehicle, they can receive up to a 1 million won discount through the trade-in program. If the vehicle being sold is an electric vehicle, an additional 700,000 won buyback incentive is provided for all models.

The buyback program is expected to enhance the competitiveness of Kia electric vehicles in the used EV market by increasing the residual value of electric vehicles by 1-3% depending on the model.

A Kia representative stated, "We will enhance customer benefits across all areas, including price, finance, service, and residual value, so that our electric vehicles will be the ones customers want to try and keep coming back to after their first experience. We will prioritize customer satisfaction and actively promote the popularization of electric vehicles in Korea."