Kia’s upcoming compact electric SUV, the EV5, is attracting attention with its starting price. Scheduled for launch in China on November 17th, the vehicle’s price is surprisingly lower than expected, beginning at $22,000 (159,800 yuan), as reported by Electrek.
This undercuts the starting price of Tesla Inc. TSLA’s Model Y, which begins at around $36,000 (263,900 yuan). The surprise pricing aims to position the EV5 competitively in China’s aggressive EV market.
Unveiled at the Chengdu Motor Show, the new EV5 showcases Kia’s “Opposites United” design theme. The innovative interior, considered by millennials as an additional living space, features a versatile layout for maximized space.
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Built in China to reduce transportation costs, the EV5 is also expected to use BYD’s Blade LFP batteries. The base version is anticipated to have more battery capacity than the EV6, a claim Kia has yet to confirm.
The EV5’s competitive pricing follows a trend of price cuts in the EV sector earlier this year, led by Tesla and BYD.
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