Kia has startled the market with a groundbreaking year-end promotion on its large electric sports utility vehicle (SUV), the EV9. Offering discounts of nearly 30 percent, these price slashes have unexpectedly made purchasing a brand-new EV9 more economical than investing in a secondhand model.
Commencing from December 4th, select EV9 variants have been retailing at prices as low as the mid-50 million won range, as disclosed by industry sources on December 7th. Notably, Kia’s official website initially listed the base price of the EV9 (6-seater Air Trim 2WD) at 77.28 million won (US$59,116). Subsequently, substantial reductions of up to 22 million won were applied to certain models, setting their actual prices within the 55 million won range. Meanwhile, the EV9 (Earth Trim 4WD) model, boasting a higher base price of 85.98 million won, witnessed markdowns of up to 26 million won post-implementation of various benefits, including inventory discounts and electric vehicle subsidies. Consequently, this trimmed the price to the early 60 million won range.
Originally hailed as Korea’s pioneering large electric SUV, the EV9’s exorbitant pricing, soaring up to 100 million won with additional options, along with quality concerns after its launch, constrained its sales figures to a meager 3,685 units until last September. This figure pales in comparison to pre-order estimations, reflecting the disappointment among potential buyers. Kia’s sudden plunge into a price war in September, offering a 30 percent discount to employees and their close relatives, aimed to clear out the existing EV9 inventory.
However, this aggressive discounting approach has left early EV9 adopters feeling betrayed. Many had paid full price or even pre-ordered the model at premium rates, anticipating exclusivity beyond the subsidized price range. Consequently, there’s a rising wave of discontent among these buyers, fueled by concerns that an influx of heavily discounted EV9s could significantly devalue their vehicles in the used car market within a year or two.
Ironically, the current promotional prices for brand-new EV9s with inventory discounts undercut the prices of used models. At present, used EV9 prices on popular trade platforms hover around the 70 million won range for the 2WD Earth model, creating a baffling scenario where the brand-new vehicles are more attractively priced than their pre-owned counterparts.
Kia’s unexpected year-end sales promotion for the EV9, while enticing for prospective buyers, has raised pertinent questions and concerns among existing owners and early adopters. The impact of this aggressive pricing strategy on the EV9’s perceived value in the market remains to be seen, stirring conversations and apprehensions within the automotive community.
