Just a few days ago the KIA EV5 was presented – not yet in Europe-, which is basically like the KIA Sportage, but fully electric. It has nothing to do with its ‘top sales’, but it fits in the same segment by dimensions. Well, the fact is that now we have the first details about its price, and all the alerts have gone off, because the Korean brand is going to launch it much cheaper than the Tesla Model Y. And yes, for those who have been in a cave all this time, the Tesla Model Y is the most powerful model on a commercial level today in this category.
KIA is going to break all the schemes according to the latest report with the price of the KIA EV5. This interesting model, which we could effectively consider as ‘the electric KIA Sportage’, according to the latest information, will be not only much cheaper than expected but also much cheaper than the Tesla Model Y. even though throughout this year the company headed by Elon Musk has been making constant price drops on its smallest electric SUV. But it is more than evident that in the South Korean company, they are very clear about who they have to win. And yes, obviously, the biggest rival within this category, not only for KIA but for any other manufacturer, is the Tesla Model Y.
The surprising price of the KIA EV5, much cheaper than expected and a blow to the Tesla Model Y
This report ensures that the price of the KIA EV5, which will be available from November 17 in China, will have an initial price of only 20,200 euros at direct currency exchange. This has been reported through The Korean Car Blog. The model was presented last week at the Chengdu Auto Show and, as we mentioned earlier, it has not yet been announced for Europe, but it is something that is expected to happen during the last quarter of the year. And the bad news is that it seems unlikely that it will be so cheap in our market.
We are talking about an electric SUV that fits into the compact category, with a body that is 4.61 meters long, 1.87 meters wide, and 1.71 meters high. That is to say, it is a model somewhat smaller than the Tesla Model Y, which measures 4.76 meters long but falls within the same category. The Tesla Model Y also measures 1.92 meters wide and 1.62 meters high. It was expected that this KIA EV5 would have an initial price of about 38,000 euros at a direct currency exchange in China, so the surprise has been huge.
Indeed, that starting price of just 20,200 euros is even much cheaper than what a Tesla Model Y costs right now in China, which can be purchased for approximately 33,300 euros. Taking this into account, and that a few weeks ago Elon Musk already threatened to lower his prices even more, it would not be so surprising if the American company Tesla took advantage of the end of the year to adjust to this new competitor and lower its prices again. Of course, with this big difference between one and the other, the situation in the market is going to be complicated for the Tesla Model Y.
Both KIA and Hyundai have already shown a serious and determined commitment to electric cars. But both have indeed been shown to this day as avant-garde companies, and a reference in the electric car market, but not at all as cheap options. With this launch of the KIA EV5, it seems that things are going to start to change and that the two South Korean companies are also going to focus on competing for the price. At least we already know that it will be like this in China, now we still have to know what the price they have planned for the KIA EV5, and other future electric car models, for the European market.