Market adjustments are nothing new, and electric cars are hardly immune to price bumps—up or down.
Last month, the 258-mile 2019 Hyundai Kona Electric crossover quietly became $500 dearer to interested EV shoppers without any equipment changes. The automaker hiked the starting price for a 2019 Kona Electric SEL to $37,995, up from $37,495, including $1,045 mandatory destination charges. The increase was effective March 27, according to documents from the automaker, however the Hyundai consumer site doesn't yet reflect the new starting price. Our colleagues at CarsDirect reported on increase Tuesday.
That price is before applicable federal and state incentives, which could be the driver for the adjustment. A spokesman from Hyundai didn't immediately comment to Green Car Reports on the price increase.
Kona Electric buyers are eligible for a federal tax credit up to $7,500, which is more than rivals from Chevrolet and Tesla that are both capped at $3,750 on the Bolt EV and Model 3, respectively. Hyundai hasn't yet triggered its federal tax sunset, which means that Kona Electric shoppers can drive the Kona Electric's starting price nearly down to $30,000 if they're eligible for the full rebate, even after the price hike. Local and state incentives can drive the price even lower.
That's more than the 2019 Chevy Bolt EV can say—at least, on paper. The 2019 Bolt EV LT costs $37,495, including $875 for destination, before a federal tax credit of up to $3,750 and applicable state and local incentives. Chevy offers multiple incentives on the Bolt EV to compensate for its halved federal rebate, which started April 1, including up to 15% off a top-of-the-line Premier and no-interest financing for six years on new models.
Prices for the top trims of the Kona Electric have risen slightly, too. A mid-grade 2019 Kona Electric Limited costs $42,445 and a top-of-the-line Kona Electric Ultimate costs $45,945, both including destination charges. Leases for the car have risen as well: A lease for a 2019 Kona Electric SEL costs $369 per month, for 36 months, with $3,899 due at signing, according to CarsDirect.