Currently reading: Hyundai Kona Electric and Ioniq Electric prices dropped
Hyundai reacts to recent UK EV grant change by cutting Kona Electric and Ioniq Electric prices

Prices for the Hyundai Kona Electric SUV and Ioniq Electric hatchback have been lowered to account for changes made to the government’s plug-in car grant scheme last month.

Previously, buyers were able to get a £3000 discount on any zero-emissions vehicle costing less than £50,000, but on 18 March, the government slashed the cap to £35,000. The discount itself was, cut too, falling to £2500.

Although both of Hyundai’s electric cars still qualified for the grant under the new rules, the company has decided to drop its prices in order to give customers more wiggle room on optional extras. These drive up the P11D value of a vehicle and is the figure on which qualification for the grant is based.

The Ioniq Electric line-up now costs from £32,995 for the entry-level Premium model, and top-spec Premium SE versions are priced at £34,995. Including the discount, customers will now pay £30,495 and £32,495 respectively.

Premium cars come with a 10.2in infotainment system, 7.0in digital display, heating for the steering wheel and seats, and a wireless charging pad as standard. The SE Premium trim adds heated rear seats, ventilated front seats and various other features.

Meanwhile, the Kona Electric 39kWh now starts from £30,395 in base-spec SE Connect trim, with Premium variants costing £31,745. Accounting for the grant, that means customer prices fall to £27,895 and £29,245 respectively.

The Kona Electric 64kWh - which Hyundai is keen to make clear is the longest-range electric car of any vehicle eligible for the government’s discount - now has a P11D value of £34,995 in Premium trim. Only the top-spec Ultimate version is too pricey for the grant, at £37,145.

“When it comes to electric vehicles, cost is a big consideration for customers so we’re delighted to be able to maintain the savings of our electric models under the new plug-in car grant,” said Hyundai Motor UK’s managing director, Ashley Andrew. “Ioniq Electric and Kona Electric are among the most popular zero-emissions vehicles on sale today, and by maintaining the choice and the value available to customers in our EV range, Hyundai Motor UK will remain on track to be one of the largest suppliers of electric vehicles in the country.”

Hyundai isn’t the first car maker to amend its prices following changes to the grant. Last week, BMW announced that the i3 city would have thousands taken off its price to ensure buyers could still take advantage of the government scheme.

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catnip 8 April 2021

What a surprise!  Who'd have thought they could afford to do this?

Bimfan 8 April 2021

So, these companies were (and probably still are) profiteering, at a cost to the British taxpayer.

It's also an indication that electric vehicle technology doesn't actually cost as much as we are led to believe.

What a surprise.

si73 8 April 2021
Is it really profiteering to try and make as much money as possible? Premium brands have been doing it for years just by sticking a so called premium badge on the bonnet yet the car is no better than a mainstream product, surely Audi are extremely guilty of profiteering as so many can be had as a much cheaper Skoda with all the same components at a much lower price.
I'm sure there is still a fair bit of R&D costs to make back on these EVs even though they have been out for a while.
All that being said, I do think cars are too expensive nowerdays, but profiteering?