Honda Prologue Secures $7,500 Federal Tax Credit; Kia Amplifies EV9 Appeal with $5,000 Customer Cash Incentive

The IRS grants eligibility for the $7,500 federal tax credit to the 2024 Honda Prologue EV, significantly reducing its starting price.

Tax Credit Boosts Affordability for 2024 Honda Prologue EV and Other Ultium Platform Models

This benefit is significant, accounting for approximately 15% of the vehicle's initial MSRP of $47,400. Upon accounting for the tax credit and the $1,395 destination charge, the adequate starting price amounts to $41,295.

Other models utilizing the Ultium platform, such as the Honda Prologue and the Acura ZDX, may be eligible for the $7,500 federal tax credit.

According to InsideEVs, Chevrolet has confirmed that the 2024 Equinox EV will be eligible for the complete $7,500 tax credit (upon launch), while the Chevrolet Blazer EV and Chevrolet Silverado EV remain to be seen. Suppose the manufacturer modifies its supply chain to adhere to the stipulations (primarily concerning battery composition). In that case, all-electric vehicles powered by uranium could be eligible for the tax credit by the end of the year.

The specifications have remained unchanged since January, when the manufacturer predicted EPA range values of 273-296 miles. The vehicle has a battery capacity of 85 kilowatt-hours and is offered a 158-kilowatt FWD or 215-kW AWD drivetrain.

Kia Offers Substantial Discounts on 2024 EV9 Models to Boost Electric SUV Demand

A possible ideal moment to purchase Kia's first three-row electric SUV has arrived for those anticipating it. All 2024 EV9 models are now eligible for a customer cash discount of $5,000 from Kia.

Electrek reports that Kia referred to the debut of the EV9 three-row electric SUV, which commenced taking orders in November at a starting price of $54,900, as a "wake-up call to the industry."

Demand for the sizable electric SUV has increased significantly in the United States this year, with 2,726 units sold in the first two months. The EV6 was Kia's initial dedicated electric vehicle, selling 2,522 units.

In the United States, Kia is introducing a new discount on the 2024 EV9, which follows price reductions in its domestic market. A dealer-facing memo (via CarsDirect) states that Kia provides $5,000 in consumer cash for every 2024 EV9 trim. This is 33% more than the previous offer of $3,750.

The EV9 can be purchased for $51,395 (destination included) with a $5,000 discount applied to the base price. Kia also provides a $1,000 loyalty discount, which can result in savings of up to $6,000 (an additional $1,000 may be obtained through a concealed dealer cash incentive).

Leasing, meanwhile, might be the more prudent option. Kia is providing the EV9 for lease in cash, valued at $7,500. Kia has also recently reduced EV9 lease rates to 2.99%, equivalent to a $20 monthly savings.

Despite Kia's request that dealers refrain from including markups, some have already increased prices by as much as $7,000 above the MSRP in response to increased demand.

Kia also unveiled its most affordable EV6 lease to date. At $279 per month, the 2024 Kia EV6 is priced lower than many gas-powered vehicles, including the 2024 Toyota RAV4 LE. Additionally, it costs less than the Tesla Model 3.

The introduction of Kia's new EV9 discount follows recent announcements of comparable strategies by competitors such as Ford and Nissan. With the increasing proliferation of electric vehicles (EVs), manufacturers seek to implement more competitive pricing strategies.

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