Car news 31 July ’24: sharp entry pricing expected for Kia’s EV3, Ford losing money on EVs, and more

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Thanks for joining us this Wednesday 31 July 2024. Notably in car news today: the Kia EV3 electric SUV has been priced in the UK, and Ford is losing out on every EV it sells.

Browse this issue:

• What does the Kia EV3’s UK pricing mean for Australia?
• Ford lost USD $50,000 per EV sold in the first half of 2024
• Recaro, iconic seat maker, has filed for bankruptcy
• Electric Lotus Elise successor waiting for lighter batteries
• Reviewed: 2024 Mercedes-AMG GLC 43 4Matic

What does the Kia EV3’s UK pricing mean for Australia?

• Kia has confirmed UK pricing for its upcoming EV3 small electric SUV, which will kick off at the AUD equivalent of $65,327 driveaway for the entry-spec standard range ‘Air’ variant.

• That’s a hefty price tag for British buyers, however it’s safe to assume we’ll see a more affordable price for the EV3 when it arrives in Australia in 2025.

• The EV3 is set to compete with small electric SUVs like the Hyundai Kona, which is priced from $54,000 before on-road costs in Australia – a more likely ballpark for the base EV3.

• Significantly, the EV3 will also sit below its soon-to-launch bigger sibling, the EV5 midsize SUV – for which Kia Australia is targeting a sub-$60K price tag for the range opener.

• Indeed, when you apply the proportional difference between UK pricing for the entry level EV3 ($65K) and the entry price for the EV6 large electric SUV in the UK (around $90K AUD), we can speculate a ballpark Australian starting price of around $52,000 AUD compared to the $72,590 cost of entry for the EV6 in Australia.

• It’s important to note that these are speculative figures only and there are many factors that will impact pricing for the EV3, including market conditions and Australian specifications, when it is eventually confirmed by Kia closer to launch.
  

@chasingcarsaustralia

Checking out the new Kia EV3 small electric SUV at the Busan International Mobility Show! What do you think? #kia #ev3 #suv #electric #ev #cars

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Ford has lost over USD$1 billion on its electric vehicles

• According to reports by Carscoops and Ford’s financial information, its electric car division lost $1.1 billion during the second quarter of 2024.

• Carscoops has reported that the losses equate to roughly USD$47,600 per EV sold in the US market.

• In terms of total sales, EVs only accounted for around four percent of all Ford vehicles sold in the first half of this year.

• We’ve reported that Ford has built a skunkworks team to bring a cheaper EV to life, with it possibly exhuming the Fiesta nameplate.

Recaro, producer of sport seats, has filed for bankruptcy

• Recaro Automotive, the German company responsible for producing sports car seats, has filed for bankruptcy according to fresh reports by Autocar.

• The brand has been known for the creation of sports seats for brands such as Ford, Volkswagen, BMW and Porsche over many decades.

• Some well-known models to use Recaro’s seats include the Ford Mustang, Ford Focus ST and RS, the Audi R8, Volkswagen Golf GTI, the Subaru WRX STI and even the ND Mazda MX-5.

• Interestingly, the wider Recaro company has also been known for supplying airline seating options.

Electric Lotus Elise could be delayed due to weight of batteries

• Lotus could delay bringing in a 718 electric Cayman and Boxster rival due to constraints with battery weight.

• According to a report by Autocar, Lotus could push back its electric sports car, codenamed Type 135, because batteries simply aren’t light enough yet.

• Lotus Group design boss Ben Payne told the UK motoring outlet that: “the technology right now does not really allow you to recreate that product in a convincing way” and added further to that, saying: “for a brand like Lotus, being able to reduce everything to the minimum and then shrink wrap the car around it is the core philosophy of [Colin] Chapman”.

• The sports car was initially set for a 2027 debut, which Payne said could be 100 percent possible, but the design boss told Autocar that “it’s a difficult job”.

• Lotus currently sells the Eletre electric SUV, but this year will begin sales of its all-electric Emeya four-door GT car as soon as this year. 

Mercedes-AMG GLC 43 4Matic reviewed

• Chasing Cars founder Tom Baker’s video review of the 2024 Mercedes-AMG GLC 43 4Matic was published, including his thoughts on the model going from twin-turbo V6 power to a four-cylinder turbo for the latest model year.
  
  
• Baker found the GLC to be quick, taut and sporty, with decent steering feel and plenty of punch from its 310kW engine.
  
  
• However, he also found the interior build quality to be a little disappointing, along with the fact that the model was simply good, rather than great – a description that applies to some of its main competitors.

• Baker concluded his review by remarking that it would be worth waiting to see what happens over the next six months, with it entirely possible to see Mercedes-AMG return to larger cylinder counts in time. 

The next issue of Car News Today will be published on Thursday 1 August at 4.30pm Sydney time.