As competition intensifies in the electric vehicle (EV) market, automakers are rolling out generous discounts to attract buyers. Kia and Genesis are the latest to join the trend, offering substantial price cuts on their EV models. The Kia EV9 and several Genesis EVs are now available with a $7,500 discount through new promotional offers.
Genesis, in particular, has been making significant strides in the US market with its lineup of sleek, all-electric vehicles. The brand launched its first EV in the US, the EV60, in May 2022, and since then, sales have been skyrocketing. The introduction of the Electrified GV70 SUV and G80 sedan has further bolstered Genesis’s position in the EV market.
Cox Automotive reports that Genesis sold 6,403 electric vehicles in the US last year, marking a remarkable 283% growth over 2022, surpassing the sales of both Lexus and Lucid.
On the other hand, Kia is aiming to boost sales through a redesign and rebranding efforts. The introduction of the EV9, Kia’s first three-row electric SUV, has been a significant step in this direction. Priced starting under $55,000 (excluding destination), Kia describes the EV9’s price point as a “wake-up call” to the industry. The EV9 has already garnered significant demand, with over 4,000 units sold in the first three months of 2024.
While Kia expects the EV9 to qualify for the $7,500 federal EV tax credit, this may not be available until next year. In the meantime, Kia is offering a $7,500 rebate on EV9 purchases to make the vehicle more competitive in the market. With this rebate, the 2024 Kia EV9 can be purchased for as low as $48,895, including destination.
Genesis is also offering substantial rebates on its EV models, with the 2024 GV60 and GV70 Electrified now eligible for $7,500 in Retail Bonus Cash for purchase, not lease. This represents the largest incentive for these models to date. With this discount, the GV60 is priced starting at just $45,850 (including destination), while the GV70 Electrified starts at $60,300.
While the 2024 G80 Electrified is not eligible for the rebate, Genesis has introduced a new entry-level Advanced trim with prices starting at $5,380 less than the previous model year.
These price cuts come at a time when many automakers, including BMW, Tesla, Hyundai, Ford, and others, are also offering significant discounts, reflecting the fierce competition in the EV market.
