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Hyundai Announces Sub $30,000 Price for the Electric Kona SUV with EV Tax Credit

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【Summary】Hyundai Motors has announced the price of its new Kona, the company’s first fully-electric SUV. The under $30,000 price tag an important price target for electric vehicle buyers and makes the Kona EV one of the most affordable electric vehicles in the U.S.

Eric Walz    Dec 14, 2018 2:21 PM PT
Hyundai Announces Sub $30,000 Price for the Electric Kona SUV with EV Tax Credit

Hyundai Motors has announced the price of its new Kona, the company's first fully-electric SUV. The Kona EV will have a starting price of $36,450 and when combined with an eligible EV tax credit, the effective net price drops it down to $28,950.

The under $30,000 price tag an important price target for electric vehicle buyers and makes the Kona EV one of the most affordable electric vehicles in the U.S. Hyundai said that pricing for other Kona Electric trims will be announced shortly.

Even without the EV tax credit, the price of the electric Kona is less than the Chevy Bolt EV, which starts at $36,620. The Tesla Model 3 starts at $46,000, although Tesla CEO Elon Musk promises the long-awaited base version will be available for $35,000 next year.

The Kona Electric rides on an all-new platform and is Hyundai's first compact electric crossover for the U.S. market.

The Kona is powered by a permanent-magnet synchronous electric motor churning out 150 kW (201 horsepower) and 291 lb-ft. A liquid-cooled 64 kWh lithium-ion battery pack provides a range of 258 miles.

Longer range than a Chevy Bolt EV and Tesla Model 3

The Kona's 258 mile range is better than the Chevy Bolt EV and Tesla Model 3. The Bolt EV is rated at 238 respectively, while the base Model 3 is rated at 220 miles.

Kona electric models will be produced in Ulsan, Korea and will be available in the beginning of 2019, with initial availability in California and subsequently in the ZEV-focused states in the western and northeastern regions of the U.S. market.

"Our new Kona Electric crossover is an exceptionally affordable, stylish and efficient compact electric CUV, tailored to the needs of customers who pursue eco-focused active lifestyles requiring generous range," said Mike O'Brien, vice president of Product, Corporate and Digital Planning, Hyundai Motor America. "We're confident it will set new standards for the electric-propelled compact CUV segment, with outstanding value, range flexibility, appealing design, cutting-edge connectivity and class-leading available safety features."

hyundai-kona-electric-promo.jpg

The Kona EV has a distinctive front grill, since it does not require a radiator with vents for cooling.

The federal Internal Revenue Service (IRS) EV tax credit is between $2,500 to $7,500 per new EV purchased for use in the U.S. The size of the tax credit depends on the size of the vehicle and its battery capacity. The tax credit is designed as an incentive to encourage consumers to purchase a fully-electric or plug-in hybrid vehicle.

The tax credit begins to phase out after a manufacturer reaches sales of 200,000 qualifying vehicles. So far, Tesla is the only automaker that has hit that number, and the $7,500 credit for purchasing a Tesla model is being halved to $3,750 beginning Jan 1 and eventually will be phased out entirely.


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