Kia EV5 Undercuts Tesla Model Y With A Surprisingly Low Price Tag At $22K
Portfolio Pulse from Benzinga Neuro
Kia's upcoming compact electric SUV, the EV5, is set to launch in China on November 17th with a starting price of $22,000, undercutting Tesla's Model Y which starts at around $36,000. The EV5 is built in China to reduce transportation costs and is expected to use BYD’s Blade LFP batteries. The competitive pricing follows a trend of price cuts in the EV sector earlier this year, led by Tesla and BYD.
August 30, 2023 | 10:17 am
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Tesla's Model Y is being undercut by Kia's new EV5 in terms of price. This could potentially impact Tesla's market share in China's aggressive EV market.
The lower price of Kia's EV5 compared to Tesla's Model Y could make it a more attractive option for consumers in China's EV market. This could potentially lead to a decrease in Tesla's market share in the region, negatively impacting its stock price.
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