Korean and Chinese Automakers Slash EV Prices and Launch New Models

Recently, competition in South Korea's electric vehicle (EV) market has intensified, prompting multiple automakers to adjust their strategies. Hyundai and Kia have lowered prices on several EV models and introduced low-interest financing options. Volvo announced it will reduce the prices of its EX30 and EX30 Cross Country models starting next month, making the total purchase cost even lower after government subsidies are applied. BYD will launch its Dolphin model in South Korea next month, with a starting price of KRW 24.5 million, directly competing against certain Hyundai and Kia models. Zeekr plans to introduce its midsize all-electric SUV, the 7X, in the Korean market for the first time later this year. Additionally, Hyundai is preparing to launch its affordable IONIQ 3 model overseas. Industry analysts note that due to weaker-than-expected EV demand in South Korea, automakers are accelerating deliveries through price cuts and promotions, while Chinese brands are rapidly expanding overseas and proactively adjusting pricing to align with local subsidy thresholds.