Kia's EV3 to start from $31,000 in Korea

The price for the third all-electric vehicle from Kia may fall to below 30 million won with subsidies, with sales starting in July.

Kia unveiled the price of the much-anticipated EV3 on Tuesday, with the sticker price starting at 42.1 million won ($31,000).

The long-range model starts from 46.5 million won, while GT model starts from 46.7 million won, according to the manufacturer.

The electric SUV can, however, be purchased in the mid-30 million-won range in Korea with an EV credit offered by the government that amounts to a maximum of 6.5 million won for EVs that cost less than 55 million won.

Applying an additional local government subsidy, the final cost may come in as cheap as the high-20 million-won range.

Kia unveiled the EV3 for the masses [SARAH CHEA]

The Kia EV3 [KIA]

The so-called "baby EV9," the EV3 is Kia’s third all-electric vehicle developed with its E-GMP EV-dedicated platform after the EV6 and EV9. The standard model can travel up to some 350 kilometers (217.5 miles) per single charge while a long-range version can cover as many as 501 kilometers.

The long-range version can go more than 600 kilometers based on the WLTP range test, Kia said.

The V-shaped headlight is unique to EV3 [SARAH CHEA]

Sales will start in July in Korea.

The car's European debut is slated for the fourth quarter, while U.S. customers will have to wait until 2025.

Kia CEO Song Ho-sung had earlier hinted at a global price between $35,000 and $50,000.

The automaker aims to sell 200,000 EV3s globally, with a goal of 25,000 units in Korea.

BY SARAH CHEA [chea.sarah@joongang.co.kr]