Value gouging has already hit one of the vital anticipated new EVs of the yr—the 2024 Kia EV9.
CarsDirect studies that nationwide supplier stock information at present exhibits EV9 markups of as much as $7,000 over MSRP. One dealership confirmed to the web site that each EV9 on its lot had a $7,000 markup, actually. One other marketed what was successfully a $4,995 markup, trying to cross wires with a $3,750 Kia Buyer Money rebate supply (which comes from Kia, not the dealership).
2024 Kia EV9 markups at Kia Downtown Los Angeles, February 2024
It additionally did not take Inexperienced Automobile Studies lengthy to see this in a fast survey of dealerships. For instance. Kia Downtown Los Angeles seems to be retaining the $3,750 Buyer Money supply, whereas including $5,000 to the worth. If that’s the case, that is a markup of $8,750 altogether.
Markups aren’t uncommon for in-demand new fashions, however that is taking place regardless of Kia’s efforts to forestall worth gouging. In keeping with CarsDirect, the automaker beforehand despatched a letter to sellers asking them to not add markups over MSRP, and “even supplied to pay sellers $2,000 for each EV9 supply that went easily.”
2024 Kia EV9
Kia beforehand stated that it was taking particular measures with its dealerships on EV9 reservations and gross sales so as to not repeat what occurred with the EV6 launch—however apparently sellers did not get the memo. When the EV6 and associated Hyundai Ioniq 5 first got here out, it was simpler to get an EV6. That wasn’t due to much less worth gouging, however due to a wider rollout plan.
Inexperienced Automobile Studies reached out to Kia for the standing of that settlement, and for context on which sorts of markups are thought-about acceptable.
“Kia America has emphasised to its sellers the significance of worth transparency and inspired sellers to chorus from imposing mark-ups over MSRP,” replied an organization spokesperson. “We’re happy that the overwhelming majority of our sellers have adopted our suggestions.”
Kia is anticipated to ramp up EV9 manufacturing in Georgia quickly. Maybe that provide will arrive rapidly and damp the sticker shock on what’s in any other case the most effective new EVs of the yr.