KG Mobility has made a bold decision to reduce the price of the Torres EVX by 2 million won, responding to the decreased support for electric vehicle subsidies.
According to the ‘2024 Electric Vehicle Subsidy Reform Plan’ announced by the Ministry of Environment on the 20th, the government subsidy for the Torres EVX has been set at 4.57 million won, down by 2.03 million won from last year (6.6 million won). To minimize the increased burden on customers due to the reduced subsidies, as well as to expand consumer choices and facilitate the wider adoption of electric vehicles, the vehicle price will be temporarily reduced by 2 million won until December 2024. < ('23 6.6 million won (excluding additional support for price reduction) → '24 6.57 million won / 18-inch standard (including price reduction)>
Despite the reduction in subsidies for electric vehicles applying LFP batteries compared to the previous year, KG Mobility’s significant price reduction for the Torres EVX ensures that the costs for customers remain similar to last year.
This remarkable decision by KG Mobility is expected to respond to one of the government’s key policies for expanding electric vehicle adoption and breathe life into the stagnated electric vehicle (EV) market.
This is not the first time Torres EVX’s price has been reduced. When it was launched last September, the pre-contract price (49.5 million won, E5 model, after tax benefits) was significantly lowered by 2 million to a reasonable price of 47.5 million won, eliciting a hot response in the market, as the subsidized price fell to around 30 million won, marking it as a cost-effective option. (Cost-effectiveness = performance increase relative to price)
With this additional 2 million won price cut, the sale price of the Torres EVX has now fallen by a total of 4 million won compared to the initial pre-contract price, establishing a post-tax benefit price of ▲E5 45.5 million won ▲E7 47.6 million won, making it one of the most reasonable and competitive prices among domestic electric vehicles, thereby making product acquisition more accessible, as expected by KG Mobility.
Additionally, the Torres EVX began customer deliveries in November last year, when electric vehicle subsidies hit rock bottom, and has sold 2,113 units, creating a new wind in the EV market.
The reasons behind Torres EVX’s popularity are not only its cost-effectiveness but also its authentic SUV style suitable for recreational activities, combined with the modern electrification (EV) model’s style, durability, and safety.
The lithium iron phosphate (LFP) battery installed in the Torres EVX has overcome the prevalent misconception of low energy density and short driving distance, achieving an impressive 433 km range on a single charge. Moreover, the LFP battery is known for its strong resilience against external shocks and lower risk of fire, demonstrating exceptional durability.
The LFP Blade Battery uses a Cell-to-Pack (CTP) process to increase the energy density per unit area by up to 20%, improving driving range while featuring a robust design that can withstand external shocks, providing efficiency and durability that is unprecedented in the industry, along with the best 10-year/1 million km warranty.
To further validate the fire safety of the Torres EVX, a fire incident occurred last December when the vehicle caught fire while driving on a road in Busan; however, the investigation confirmed that the condition of the LFP Blade Battery posed no issues.
Chairman Kwak Jae-sun of KG Mobility stated, “Reducing the sale price of the Torres EVX twice without compromising performance and convenience features is an unprecedented event in the industry. As a specialized SUV company continuing the legacy of 70 years of SUV heritage in Korea, we have taken this step to prepare for the next 100 years and to repay our customers for their support.” He added, “We will also apply the reduced price retrospectively for contract customers who could not proceed with delivery last year due to depleted subsidies, as well as for customers who contract this year.”
By Jang Sang, daedusj@autodiary.kr