EV Competition: Kia Motors Launches Its Cheapest EV In South Korea
Portfolio Pulse from Shivani Kumaresan
Kia Corp, owned by Hyundai Motor Company (OTC: HYMTF), has launched its cheapest electric vehicle, the Ray, in South Korea. The vehicle, priced at about $20,000, can seat only one person and is designed for city dwellers. Since its introduction, over 6,000 customers have pre-ordered the car, surpassing Kia's goal of 4,000 vehicles for 2023. The Ray has a 35.2 kilowatt-hour lithium-iron-phosphate (LFP) battery, which is cheaper than nickel-based cells.
September 21, 2023 | 1:54 pm
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Hyundai's subsidiary, Kia, has launched a new, cheaper electric vehicle in South Korea. The high pre-order numbers suggest strong demand, which could positively impact Hyundai's stock.
The launch of a new, cheaper electric vehicle by Kia, a Hyundai subsidiary, and the strong pre-order numbers suggest a positive market response. This could lead to increased revenues for Hyundai, potentially driving its stock price up.
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