The price hike has already affected one of the most anticipated new electric vehicles of the year: the 2024 Kia EV9.<\/p>\n
According to CarsDirect, inventory data from national dealerships currently show profit margins on the EV9 of up to $7,000 above the MSRP. One dealership confirmed to the website that indeed, each EV9 on their lot had a $7,000 profit margin. Another advertised what was actually a $4,995 profit margin, attempting to mix things up with a cash rebate offer for Kia customers of $3,750 (coming from Kia, not the dealership).<\/p>\n
Green Car Reports also quickly noticed this in a brief survey of dealerships. For instance, Kia Downtown Los Angeles seems to maintain the $3,750 cash offer for the customer while adding $5,000 to the price. If so, that’s a total profit margin of $8,750.<\/p>\n
These margins are not unusual for new models in demand, but this is happening despite Kia’s efforts to prevent price gouging. According to CarsDirect, the automaker previously sent a letter to dealerships asking them not to add margins above the MSRP and “even offered to pay dealerships $2,000 for each EV9 delivery made without issues.”<\/p>\n
Kia had previously stated that it was taking special measures with its dealerships regarding EV9 reservations and sales to avoid a repeat of what happened with the EV6 launch, but apparently the dealerships didn’t get the memo. When the EV6 and related Hyundai Ioniq 5 first appeared, it was easier to get an EV6. This wasn’t due to lower price speculation, but rather a broader implementation plan.<\/p>\n
We have reached out to Kia to learn the status of that agreement and to understand the context of what types of margins are considered acceptable.<\/p>\n
Hopefully, Kia can ramp up EV9 production quickly enough to not disappoint customers with what would otherwise be one of the best new electric vehicles of the year.
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