Are the Korean auto giants facing slowing sales? Hyundai and Kia are offering generous incentives globally, resulting in price cuts worldwide. In some markets, discounts can reach nearly $17,000.
Hyundai Motor, including Kia, has launched aggressive sales promotions this month in six of its biggest global markets: North America, Europe, Asia-Pacific, the Middle East, and Central and South America.
The discounts apply to some of its top-selling EVs, including the IONIQ 5 and SUVs like the Tucson and Santa Fe.
According to the Korea JoongAng Daily, Hyundai and Kia cut prices by up to 23 million won, or nearly $17,000 in some regions.
The promotions vary depending on the market. For example, in Serbia, Hyundai is offering up to 15,000 euros ($17,500) off the IONIQ 5 and IONIQ 6 models. In Thailand and Chile, discounts reach as high as 12 million won ($8,900) and 17.8 million won ($13,100), respectively.
Why is Hyundai offering such significant discounts? The report suggests that it could be all due to the new 25% US auto tariffs on imported vehicles, Hyundai’s largest market.
After the tariffs were introduced, Hyundai and Kia reportedly told regional leaders to “increase sales by 10% in other regions.” A local report this week claimed Hyundai was temporarily pausing production of the IONIQ 5 and Kona EV at one of its plants in Korea due to slowing sales.
What about the US?
In April, Hyundai launched its “Customer Assurance” program, promising not to raise vehicle prices in the US until June 2. The program has since been extended until July 7.
Although Hyundai is expected to hike prices following the window, the company denied the rumors, saying no decision has been made yet.
Several automakers have already announced plans to raise vehicle prices in the US, including Toyota, Ford, and Jeep maker Stellantis.
About 24% of Hyundai and Kia vehicles sold last year were in the US, making it a priority to protect prices. Although 60% of them were exported from Korea in 2024, Hyundai is ramping up local production to mitigate the blow.
After celebrating the grand opening of its new EV plant in Georgia, Hyundai kicked off production of its first three-row electric SUV, the IONIQ 9.
The larger electric SUV joins the updated 2025 IONIQ 5, which Hyundai has been building at the facility since last year.
Once up and running, the Hyundai Motor Group Metaplant America (HMGMA) is expected to have an annual production capacity of 300,000 units. If necessary, the output can be expanded to approximately 500,000.
| 2025 Hyundai IONIQ 5 Trim | EV Powertrain | Driving Range (miles) | Starting Price* | Monthly lease price June 2025 |
| IONIQ 5 SE RWD Standard Range | 168-horsepower rear motor | 245 | $42,500 | $179 |
| IONIQ 5 SE RWD | 225-horsepower rear motor | 318 | $46,550 | $199 |
| IONIQ 5 SEL RWD | 225-horsepower rear motor | 318 | $49,500 | $209 |
| IONIQ 5 Limited RWD | 225-horsepower rear motor | 318 | $54,200 | $309 |
| IONIQ 5 SE Dual Motor AWD | 320-horsepower dual motor | 290 | $50,050 | $249 |
| IONIQ 5 SEL Dual Motor AWD | 320-horsepower dual motor | 290 | $53,000 | $259 |
| IONIQ 5 XRT Dual Motor AWD | 320 horsepower dual motor | 259 | $55,400 | $359 |
| IONIQ 5 Limited Dual Motor AWD | 320-horsepower dual motor | 269 | $58,100 | $299 |
After Hyundai cut lease prices again in June, the 2025 IONIQ 5 is now listed starting at just $179 per month. The three-row 2026 IONIQ 9 is available to lease starting at just $419 per month with up to $13,000 in discounts. Kia is currently offering up to $12,500 off its three-row EV9.
Hyundai is even throwing in a free ChargePoint Home Flex Level 2 charger with the purchase of any new 2026 IONIQ 9 or 2025 IONIQ 5 until the end of the year.
Looking to take advantage of the savings? We can help you get started. You can use our link to find Hyundai and Kia’s electric vehicles in your area.
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