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BMW Offers Up to $13,000 Off 2024 EV Models; Kia's Affordable Electric Cars Set to Compete

2024 sees major moves in the EV market, with BMW's deep discounts and Kia's entry with budget-friendly models.

BMW has announced significant rebates on its 2024 electric vehicle lineup through April, offering discounts up to $9,900. Kia unveils plans to launch a series of affordable EVs, aiming to outpace competitors with advanced, cost-effective technology.

BMW Unveils Major Incentives for 2024 EV Models, Offering Up to $13,000 in Discounts

According to Electrek, CarsDirect says a $5,000 refund is available on all 2024 BMW i4 and i5 EV sedans through April 30. The 2024 BMW i7 sedan and iX SUV offer a $7,500 purchasing incentive.

The purchase incentive is provided as a loan credit if you finance your purchase through BMW Financial Services or as a "NON FS Credit," which applies to cash purchases, including those financed elsewhere. BMW also offers loyalty discounts of $1,000 on the i4, $1,500 on the i5, and $3,000 on the i7 to existing and previous BMW owners or lessees.

On the other hand, leasing is the most cost-effective way to purchase BMW electric vehicles. The luxury automaker offers a $7,500 lease credit on the i4 and i5 and a $9,900 discount on the i7 and iX. If you qualify for the loyalty discount, you might save nearly $13,000 on the latter two models.

Kia Set to Revolutionize U.S. Market with Affordable EV Lineup, Aiming to Outpace Global Competitors

Cheaper electric vehicles are on the horizon, and Kia sees an advantage. With its own "secret sauce," Kia plans to offer a line of low-cost EVs in the United States.

“We’re ahead of most, and we’re trying to rush out ahead because our technology will be more evolved,” Kia America COO Steve Center.

Kia unveiled a new line of low-cost EVs, including the EV2, EV3, EV4, and EV5, at its first annual EV Day in October.

With an "EV for all," Kia intends to offer a diverse selection priced between $30,000 and $80,000. Kia is introducing smaller, more inexpensive EVs to boost sales and compete with Chinese automakers such as BYD.

Kia has already launched the EV5 in China, with beginning costs of approximately $20,000 (149,800 yuan). However, in Australia, where it is imported, it will cost around $40,000 (70,000 AUS). Although Kia has not declared plans to sell the EV5 to the United States, the company intends to manufacture multiple cheap EVs and feels it has a good start.

Kia Gears Up to Launch Innovative, Budget-Friendly EV3 as Part of Broad U.S. Electric Push

“You can’t just jump in and catch up. You have to have your own R&D, your own secret sauce,” Center explained. Kia believes it’s ahead with new low-cost EVs on the horizon.

Kia's little electric SUV, the EV3, will be launched next. The EV3 is a smaller, more economical version of the EV9, incorporating the same design and technology.

Like the EV9, the smaller SUV has Kia's new "Opposites United" design, which includes a revamped "Tiger Face" grille and broad wheel arches.

The proposal featured a simple interior made of plant-derived materials. Although the concept unveiled in October featured a single screen for both the driver display and infotainment, the production version is slated to include Kia's next-generation ccNC infotainment system.

Kia's new EV3 is slated to launch this summer or by the end of 2024, with prices starting around $30,000. It is also set to receive a sporty GT Line model. As the tiny electric SUV approaches its formal debut, the prototypes seen are being tested, the source said. The EV3 is expected to be about the size of the new Volvo EX30 or Hyundai Kona, at around 170″ long, 72″ wide, and 62″ tall.

The EV4, Kia's entry-level electric vehicle, is slated to arrive in 2025 or 2026, priced around $35,000. Kia describes the EV4 as an "entirely new type of sedan that stands as a symbol of innovation."

Kia has already transformed its West Point, Georgia facility to create the three-row EV9 electric SUV. Although EV9 cars are currently being supplied from Korea, Kia plans to bring production to GA this summer. The Center stated that the sooner lighter, higher-density energy cells are launched, the sooner the costs can be reduced, adding, "That's the holy grail."

Kia's EVs made at the facility will likely be eligible for the federal EV tax credit. "When you're building affordable EVs in the US, the rebate will appeal more to households with less income," the Center for Automotive Research said.

Center stated that EVs provide automakers with a fresh start. "Just because you're great at something else doesn't mean you're going to be great at EVs," he said.

“If someone wants an EV, and their regular brand doesn’t have it, they’re going to have to look elsewhere. Right away, they will have to explore other brands.”

Center said Kia will sell customers their “second and third EV when some other companies finally get in the game—and they’re going to have to conquest.”

Photo: Artiom Vallat/Unsplash

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