Hyundai and Kia offering up to $17,000 discounts on Ioniq 5, EV9, other electric cars

Hyundai and Kia customers are in for some hefty savings on their new EV purchases. The sister brands are offering up to $17,000 in discounts on its electric models across key markets globally as the US braces for price hikes.

The South Korean EV makers have started targeting North America, Europe, the Middle East, Asia, and Central and South America with massive deals on its popular EVs, including the Ioniq 5, Ioniq 6, and EV9. As reported by the Korea JoongAng Daily, Serbian buyers can snag the Ioniq 5 and Ioniq 6 for $17,400 cheaper. Promos are also ongoing in Thailand and Chile, with non-EVs being discounted as well.

Meanwhile, Hyundai and Kia customers may have the US to thank for their good fortunes. The aggressive promotions are likely aimed at offsetting the projected sales decline in the biggest North American car market, where the federal government has implemented a 25 percent tariff on imported vehicles.

The Korea JoongAng Daily reports Hyundai and Kia have instructed their regional managers to “increase sales by 10 percent in other regions.” The South Korean automakers pledged not to increase prices in the US until July 7 but might be forced to do so if the tariff is not repealed.

Hyundai and Kia are sensitive to changes in the US auto market, as it accounts for almost a quarter of their global business. However, the two companies are scrambling to expand production in the US to escape significant import duties.