EV Competition: Kia Motors Launches Its Cheapest EV In South Korea

Hyundai Motor Company HYMTF owned Kia Corp has launched its cheapest electric vehicle in South Korea, the Ray, which can seat only one person.

The least expensive battery-powered light passenger vehicle of the company has a starting price of about $20,000, according to a report in Bloomberg.

The vehicle would cost even lower in Seoul, where subsidies could slash the cost to $16,000.

The offering comes at a time when South Korea is facing the heat of competitive pricing for EVs as startups and online buying provide even cheaper options.

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Since the Ray was introduced, more than 6,000 customers have pre-ordered the cars in the past 20 business days.

The order number actually surpassed Kia’s own goal of 4,000 vehicles for 2023.

The vehicle, designed for consumers who live in cities, can have a range of about 200 kilometers on a single charge.

The Ray has a 35.2 kilowatt-hour lithium-iron-phosphate (LFP) battery, cheaper than nickel-based cells.

Price Action: HYMTF shares closed higher by 1.74% at $39.68 on Wednesday.

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