Hyundai Motor said on the 2nd it will run a special electric vehicle (EV) promotion to mark the large electric sport utility vehicle (SUV) Ioniq 9 achieving a "triple crown" in domestic automotive awards.
The Ioniq 9 swept all three "car of the year" awards presented by three organizations, including the Korea Automobile Journalists Association (KAJA), on the 29th.
Hyundai Motor will offer a 1 million won discount on passenger EVs including the Ioniq 5, 6, and 9 and the Kona Electric, and a 500,000 won discount on small commercial EVs including the Porter Electric and the ST1 (excluding chassis cab), for customers who sign this month and take delivery by April.
In addition, for 15 days until the 15th, it will run a roulette event that gives out vehicle discount coupons worth up to 10.4 million won each day. Customers can participate on Hyundai Motor's official website, with first prize (one winner per day) receiving a 3 million won coupon and second prize (five winners per day) receiving a 1 million won coupon.
Hyundai will also offer an extra benefit called the "stress-free package," which supports vehicle care such as body repairs, to customers who use the Hyundai EV Burden Down low-interest promotion.
It is also running a repurchase-only program for existing EV finance customers. Among customers using passenger EVs or the Nexo through Hyundai Capital installment, rental, or lease, those who repurchase an eligible vehicle on installment using the Hyundai EV Burden Down promotion and take delivery within this month will receive a reduced interest rate of 2.3%, down 0.5 percentage points from the existing rate.
The promotion is seen as a strategy to further boost EV price competitiveness in response to imported EV brands, including Tesla and BYD, which are accelerating growth by touting value for money in Korea.
Tesla, buoyed by the surge of the China-made Model Y last year, sold 59,893 units—double the previous year—and narrowed the gap with No. 1 Kia's EV sales (60,609 units) to under 1,000 units. BYD, which entered the domestic market in Jan. last year, also emphasized value for money and sold 6,107 electric passenger cars, earning reviews that it successfully gained a foothold in the market.
A Hyundai Motor official said, "The Ioniq 9's triple crown in car of the year awards is the result of Hyundai Motor's electrification technology being recognized by experts," adding, "We prepared a range of benefits so more customers can experience the value of EVs."