Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
DBS Expects Slight Dip in 2026 Net Profit After Q4 Earnings Miss on Lower Interest Margins 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Samsung Electronics Shares Jump on HBM4 Mass Production Report 
SpaceX Pivots Toward Moon City as Musk Reframes Long-Term Space Vision 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Anta Sports Expands Global Footprint With Strategic Puma Stake 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Hyundai Motor and Kia Motors are set to give huge discounts for their electric vehicle models in the United States. The South Korean automakers will offer their EVs for lower prices - up to $7,500 markdown rates.
Hyundai Motor and Kia Motors agreed to lower the prices of all of their electric vehicles sold in the region. The discount is the same amount as the subsidy exclusively granted to EVs made in the U.S. under the Inflation Reduction Act (IRA), as per Hankyung News.
Strategic Price Cut Move
Hyundai Motor Group reportedly decided to grant a “subsidy” to both Hyundai and Kia customers not covered by the IRA benefits. The company expanded the incentive previously only available to commercial vehicles to offer big discounts to buyers. Now, the incentives include EV models bought by individuals.
The parent company of Hyundai and Kia did better than Ford in 2023 and ranked second in the U.S. electric vehicle market. It is now planning to triumph over the slowdown in demand and continue to move upward through aggressive marketing, starting with a substantial discount offering at the beginning of this year.
Intensified EV Price War
With Hyundai and Kia’s decision to give significant discounts for their EVs to American buyers, the price war has intensified in the electric vehicles industry. This is because Tesla and Volkswagen have also slashed their prices. It was reported that Volkswagen AG initially refused to join the war, but last week, it cut prices of its EVs in Europe by up to 30%.
Meanwhile, for customers who will buy the 2024 Models of the IONIQ 5 & 6 and Kona Electric, up to $7,500 discount awaits them in the U.S. Then again, the price discount is a limited-time offer that will be available until the end of this month only.
Korea’s M Today reported that Kia North America is offering cashback from $3,000 to $7,500 for its 2023 and 2024 models of EV6 and Niro. The perk could be availed until March 4.
Photo by: Hyundai Motor Group/Unsplash
