Hyundai Motor Group, the world’s third-largest carmaker, plans to increase prices of the existing low-cost electric vehicles in the second half to raise profitability amid the sustained weakness in the global EV industry on sluggish demand.Kia Corp.is scheduled to release the 2025 model year versions of the subcompact crossover sport utility vehicle (SUV) Niro EV and the city car Ray EV in August and October, respectively, according to industry sources on Wednesday.
NO PRICE INCREASES FOR LARGER EVSKia and its affiliate Hyundai Motor Co.maintained prices when they released enhanced versions of larger EVs such as the IONIQ 5 and the EV6 earlier this year as the global EV market remained sluggish.Hyundai Motor Co.kept the price tags of all trims of the all-electric CUV IONIQ 5 although the leading South Korean automaker increased its mileage for its enhanced model unveiled in March to 485 kilometers (301 miles) from the previous 458 km.
Meanwhile, Hyundai Motor Co.and Kia decided to retire sluggish EV models.Hyundai Motor Co.discontinued the IONIQ5’s standard trim with a shorter driving range in March, while Kia plans to stop the production of the Niro Plus, the purpose-built vehicle trim of the Niro EV, in the fourth quarter.
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