Electric vehicle phobia is allegedly gripping customers in South Korea after an electric Mercedes-Benz caught fire. The government announced an emergency meeting about EV safety, and now automakers are rolling out significant price cuts to attract new car buyers.
Auto dealers for foreign brands plan to cut retail prices by around 30% for new buyers. Around 30 vehicles under foreign brands will offer at least a 20% discount. According to Getcha, most of the discounted vehicles, around 73%, are electric vehicles.
Volkswagen, Mercedes-Benz, BMW, and Audi are among the foreign brands expected to initiate vehicle price cuts this month.
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