Norma Group Posts Revenue Decline in 2025, Eyes Modest Recovery in 2026 
KPMG UK Cuts 440 Audit Jobs Amid Low Attrition and Cooling Professional Services Demand 
Russell 1000 Companies Hit $2.2T Cash Record While Aggressively Reinvesting in Growth 
Annie Altman Amends Sexual Abuse Lawsuit Against OpenAI CEO Sam Altman 
Fonterra Admits Anchor Butter "Grass-Fed" Label Misled Consumers After Greenpeace Lawsuit 
Brazil Meat Exports Weather Iran War Disruptions With Rerouted Shipments 
Jefferies Upgrades Sodexo to Buy With €55 Target After Historic CEO Appointment 
SpaceX Eyes Historic IPO at $1.75 Trillion Valuation 
Tesla Q1 2026 Deliveries Miss Estimates as AI Strategy Takes Center Stage 
Cybersecurity Stocks Tumble After Anthropic's Claude Mythos AI Leak Sparks Market Fears 
McDonald's and Restaurant Brands International Face Headwinds Amid Iran Conflict and Rising Costs 
Microsoft Eyes $7B Texas Energy Deal to Power AI Data Centers 
Star Entertainment Secures $390M Refinancing Deal to Stabilize Operations 
Nike Beats Q3 Estimates but China Weakness and Margin Pressure Weigh on Outlook 
RBC Capital: European Medtech Firms Show Minimal Middle East and Energy Risk Exposure 
Apple Turns 50: From Garage Startup to AI Crossroads 
Eli Lilly and Insilico Medicine Forge $2.75 Billion AI-Driven Drug Discovery Deal 
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
