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Biz News Korea(Eng)
Hyundai, Kia hike car prices going up to reflect chain cost surges on supply end
- Collected
- 2022.05.03
- Distributed
- 2022.05.04
- Source
- Go Direct
![[Source: Kia Corp.]](https://pulsenews.co.kr///file.mk.co.kr/meet/neds/2022/05/image_readtop_2022_392507_16515589785030353.jpg)
[Source: Kia Corp.]
Kia Corp.’s The New K8 2023 was officially released on Monday, with a price tag of 33.18 million ($26,214.74) for the basic trim of Nobles Light, up 1.5 percent or 480,000 won from the predecessor. For the 2.5-liter gasoline Nobles version, the price was set 630,000 won higher at 35.73 million won despite an expected delay in its delivery.
The Kia K8 has been a popular sedan since the launch of its new model last year, with average monthly orders of 10,077 units and a 39 percent market share in the segment for the first three months. Buyers have to wait about 10 months for delivery of the 2.5-liter gasoline model and more than a year for the hybrid version.
Kia added basic options to the latest version in a bid to address consumer complaints, it said. Even in light of the new addition, the price hikes have been heftier than the usual 100,000-200,000 won level since last year. As for the Santa Fe, its low-profitable basic trim has been replaced with an exclusive trim with more convenience options, meaning a higher price tag.
The average price increase of six recently launched new-year models were at 1 million won in Korea.
The so-called carflation has become an international trend.
In the United States, prices of new releases last year averaged $45,000 as of September, gaining 12 percent from the previous year. Due to ongoing chip shortage and rising prices of steel plates, owning and driving a car would stay pricey throughout the year.
The car sales tax deduction will also sunset in June, another damper to consumption in new cars.
By Won Ho-sup and Lee Ha-yeon
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