Hyundai discounts nine EVs in bid for government subsidies
Published: 05 Feb. 2025, 15:29
-
- SARAH CHEA
- [email protected]
![Hyundai Motor's Ioniq 5 [HYUNDAI MOTOR]](https://koreajoongangdaily.joins.com/data/photo/2025/02/05/b4452466-c182-43fb-8a59-a5ae6d7adcd9.jpg)
Hyundai Motor's Ioniq 5 [HYUNDAI MOTOR]
Hyundai Motor is offering discounts of up to 5 million won ($3,450) on its EVs in Korea in a bid to qualify for the government's additional subsidies to contain cheaper Chinese EVs.
The country's largest automaker said Wednesday that the discount applies to a total of nine EV models, with Ioniq 5 and Ioniq 6 SUVs eligible for 3 million won.
The Kona Electric SUV gets 4 million won off while the Porter Electric mini truck and ST1 van get 5 million won. The ticker prices of the Ioniq 5 N, a high-performance model of the EV, and Casper Electric will be cut by 1 million won.
For Genesis, Hyundai's luxury stand-alone brand, the price of the GV60 SUV will be cut by 3 million won, while the electric version of the G80 sedan will receive 5 percent off.
![Hyundai Motor's Ioniq 6 [HYUNDAI MOTOR]](https://koreajoongangdaily.joins.com/data/photo/2025/02/05/6cd82a6c-edd9-4316-94bd-0481ae2765b3.jpg)
Hyundai Motor's Ioniq 6 [HYUNDAI MOTOR]
The drastic promotion came after the Korean government vowed to offer an additional subsidy of up to 1 million won, on top of its regular subsidy, if car manufacturers offer discounts. The measures were set to encourage EV sales amid slumping demand and accelerated after a massive EV explosion in Incheon last August.
For instance, if a Seoulite intends to purchase a long-range Ioniq 5, which starts at 54.1 million won, they can buy it for some 44.4 million won. Roughly 6.13 million won in subsidies will be available plus 590,000 won of subsidy from the regional government and a 3 million won discount from Hyundai itself.
![Kia's EV6 [KIA]](https://koreajoongangdaily.joins.com/data/photo/2025/02/05/829a9607-885c-4418-97a2-3fac55c21cc5.jpg)
Kia's EV6 [KIA]
Kia, the second largest carmaker in Korea, also said Wednesday that it is running an annual EV Festa offering discounts of up to 5 million won on four popular EV models, the Niro EV, EV6, EV9 and Bongo EV.
The price of the EV9 will be slashed by 2.5 million won while the EV6 will fall by 1.5 million, the Niro EV by 2 million and the Bongo EV by 3.5 million. Additional discounts will apply to cars produced in 2024 aimed at clearing out stock.
Applying all possible subsidies and discounts, an EV6 can be purchased for 40.6 million won, cut by 20 percent from its sticker price of 50.6 million won.
The rebate also comes to keep in check BYD, which officially landed in Korea with its Atto 3 compact SUV. The Atto 3 launched with a price tag of 31.5 million won, which could be reduced to the 20 million won range after subsidies, the size of which will likely be announced in February.
KG Mobility, previously known as Ssangyong Motor, offers a 750,000 won discount on its Torres EVX, and Renault Korea also cut the price of its QM6 by 3.3 million won.
![Kia's EV9 [KIA]](https://koreajoongangdaily.joins.com/data/photo/2025/02/05/f731f460-3bc8-4a35-8188-8d4813884c8f.jpg)
Kia's EV9 [KIA]
BY SARAH CHEA [[email protected]]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)