The electric vehicle deals are heating up. As new models hit the market, automakers are offering massive incentives. Some are offering discounts in the five-digit range, like the Kia EV9, with discounts topping $18,000 in June.
Electric vehicles continue outpacing gas-powered cars
According to S&P Mobility Global’s latest data (via Automotive News), EV registrations reached 108,026 in June, up 3.1% from last year.
S&P analyst Kent Chiu said that June’s numbers were “good for EVs” as they continued to outpace the overall market. Light vehicle sales fell 8.8% to around 1.2 million as the market trended toward electric. The shift pushed EV market share up to 8.9% in June 2024, up from 7.9% a year ago.
Several brands, including Kia (+105.9%), Cadillac (+403.9%), and Toyota (137.6%) saw triple-digit EV registration growth in June.
The report noted that new models, like the Tesla Cybertruck (check out our review), with 4,675 registrations, helped boost the segment. Other new models, like the Kia EV9 (1,736), Chevy’s Blazer, and Equinox EVs (3,054 combined), contributed to the growth.
Kia EV9 had over $18,000 in discounts on average in June
However, behind the growth were “pretty strong incentives,” Chiu explained. Toyota’s bZ4X had an average of $11,761 in incentives in June, according to Motor Intelligence. Nissan’s Ariya had an average of $14,779.
The Kia EV9, the brand’s electric three-row SUV, was among the top with average discounts of $18,081 in June.
Chiu noted, “As more EVs come to market and occupy segments that match internal-combustion vehicles, there will be more consumers that switch over to the EV space.”
Top comment by mlhutche
I'm surprised at the high discounts for the EV9. It's a very good car and the only large SUV on the market, much more space than the Model X. I love and drive Tesla since 2012, but the X is their least competitive vehicle.
Absolutely understand the big discounts on the bz4x and Ariya because they're terrible BEV. Decent fit and finish, but abysmally poor on range, charging, performance, cargo compared with the Model Y.
The Blazer better come in really inexpensive, because it also is very inferior to the Model Y.
You can already see the shift with new models like Kia’s EV9. Kia delivered nearly 11,500 EV9 models in the US through July.
Starting at $56,395, Kia calls the EV9’s starting price a “wake-up call” to the industry. With massive new incentives, the EV9 is already stealing market share from gas-powered rivals.
Kia EV9 Trim | MSRP (including $1,495 destination fee) | EPA Est. Range (miles) |
| Light RWD | $56,395 | 230 |
| Light Long Range RWD | $60,695 | 304 |
| Wind e-AWD | $65,395 | 280 |
| Land e-AWD | $71,395 | 280 |
| GT-Line e-AWD | $73,900 | 270 |
The trend is expected to continue as new, lower-cost EVs, like the Chevy Equinox EV, hit the market. Chevy will launch a $35,000 Equinox EV that will be available later this year.
Ready to take advantage of the massive savings? We can help you get started. You can use our links below to view offers on some of the most discounted EVs in your area.
FTC: We use income earning auto affiliate links. More.
Comments