Price gouging has already hit one of the most anticipated new EVs of the year—the 2024 Kia EV9.
CarsDirect reports that national dealer inventory data currently shows EV9 markups of up to $7,000 over MSRP. One dealership confirmed to the website that every EV9 on its lot had a $7,000 markup, in fact. Another advertised what was effectively a $4,995 markup, attempting to cross wires with a $3,750 Kia Customer Cash rebate offer (which comes from Kia, not the dealership).
2024 Kia EV9 markups at Kia Downtown Los Angeles, February 2024
It also didn’t take Green Car Reports long to see this in a quick survey of dealerships. For example. Kia Downtown Los Angeles appears to be keeping the $3,750 Customer Cash offer, while adding $5,000 to the price. If so, that’s a markup of $8,750 altogether.
Markups aren’t unusual for in-demand new models, but this is happening despite Kia’s efforts to prevent price gouging. According to CarsDirect, the automaker previously sent a letter to dealers asking them not to add markups over MSRP, and “even offered to pay dealers $2,000 for every EV9 delivery that went smoothly.”
2024 Kia EV9
Kia previously said that it was taking special measures with its dealerships on EV9 reservations and sales in order not to repeat what happened with the EV6 launch—but apparently dealers didn’t get the memo. When the EV6 and related Hyundai Ioniq 5 first came out, it was easier to get an EV6. That wasn’t because of less price gouging, but because of a wider rollout plan.
Green Car Reports reached out to Kia for the status of that agreement, and for context on which kinds of markups are considered acceptable.
“Kia America has emphasized to its dealers the importance of price transparency and encouraged dealers to refrain from imposing mark-ups over MSRP,” replied a company spokesperson. “We are pleased that the vast majority of our dealers have followed our recommendations.”
Kia is expected to ramp up EV9 production in Georgia soon. Perhaps that supply will arrive quickly and damp the sticker shock on what’s otherwise one of the best new EVs of the year.
