After launching the flagship, seven-seat Kia EV9, the South Korean manufacturer is turning its attention to more affordable EVs with the upcoming EV3 and EV4 models.
Kia previewed the two new models with a pair of concepts late last year. While it has not said what the company’s pricing target is, AutoPacific president Ed Kim thinks Kia would be wise to price them around the $35,000 mark. This would open Kia up to a new segment of the EV market and could give it an edge over many of its rivals. The EV3 is tipped to land late this year or in early 2025 while the EV4 will probably launch in 2026.
Kim believes a recent softening in demand for EVs is simply because the market is oversaturated “with EVs at luxury price points,” making them unaffordable to the middle class.
Read: EV3 SUV And EV4 Sedan Concepts Show Kia’s Electrifying Future In LA
“If automakers can approach the $34,000 price point with an RAV4-sized EV, it will go a long way toward speaking to that consumer,” Kim told Auto News. “To continue Kia’s growth as a non-luxury brand, they need to be addressing that mainstream part of the marketplace, and fortunately they are with the EV3 and EV4.”
The EV3 is considered a miniature version of the EV9, whereas the EV4 is a low-slung sedan. If the EV3 is priced around the $35,000 mark, it will serve as a direct rival to the Chevrolet Equinox EV while a similar starting price for the EV4 would allow it to undercut the Tesla Model 3.
It will be important for Kia to ensure that both new models are eligible for the full $7,500 federal EV tax credit. The firm is upgrading its Georgia plant to build U.S.-spec versions of the EV9 so they meet tax credit eligibility requirements. Kia has not said where it will build the EV3 and EV4, but some analysts believe it would be a good idea to construct them at its Mexican plant in Nuevo Leon.
