Price growth has already reached one of the new EVs expected next year—the 2024 Kia EV9.
CarsDirect reports that national dealer catalog data currently shows the EV9 marking up to $7,000 above MSRP. One seller confirmed to the site that each EV9 on his lot had a gross of $7,000, in fact. Another advertised what was $4,995 raw, trying to cross the wire with a $3,750 Kia Car Benefits offer (which comes from Kia, not the dealer).
2024 Kia EV9 signs at Kia Downtown Los Angeles, February 2024
It also didn’t take Green Car Reports long to see this in a quick dealer survey. For example. The Kia Downtown Los Angeles looks set to offer a $3,750 Customer Cashback, adding $5,000 to the price. If so, that’s a gross of $8,750 combined.
Markups aren’t unusual for new on-demand models, but this is despite Kia’s efforts to curb price hikes. According to CarsDirect, the automaker previously sent a letter to dealers asking them not to add a markup to MSRP, and “even offered to pay dealers $2,000 for every successful EV9 delivery.”
2024 Be EV9
Kia previously said it was taking special measures with its dealers regarding EV9 reservations and sales to avoid a repeat of what happened with the launch of the EV6—but apparently dealers didn’t get the memo. When the EV6 and the related Hyundai Ioniq 5 first came out, it was easy to find an EV6. That wasn’t because of the price drop, but because of the wider printing program.
Green Car Reports reached out to Kia on the status of the agreement, and on the context in which the types of marks are considered acceptable.
“Kia America has emphasized to its dealers the importance of price transparency and encourages dealers to refrain from marking up the MSRP,” responded a company spokesperson. “We are pleased that many of our dealers have followed our recommendations.”
Kia is expected to ramp up EV9 production in Georgia soon. Maybe that supply will arrive quickly and lessen the sticker shock for what is otherwise one of the best new EVs of the year.