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Kia Niro EV revealed in Korea

The Kia Niro EV has been introduced at the Busan International Motor Show. The manufacturer says its fully electric Niro compact crossover will go on sale in its home market this year, with global sales starting later. Kia already showed the production Niro EV last month, but at that point no power figures were announced. We know them now, and the 204-horsepower rating, together with a 291 pound-foot figure, match the Hyundai Kona EV. Under the trunk floor is a 64-kWh lithium polymer battery pack, which according to Kia is good for 236 miles on a single charge. A 100kW fast charger will get the battery to 80 percent capacity in 54 minutes. There's also a smaller battery pack available with a 149-mile range from 39.2 kWh. This presumably comes with a cheaper purchase price. Also revealed is the Niro EV interior, which features a different center console and gear selector than the hybrid and plug-in hybrid (much as the Hyundai Ioniq Electric does compared to its part-gasoline siblings). Also different is the special LCD instrument cluster and the 7-inch touchscreen infotainment system that gets special EV features like charge point location services and a battery pack charge indicator. A mood lighting system is also offered, similarly to the K900 flagship sedan. There's also a driver assist suite, consisting of collision warning systems, adaptive cruise control, "Intelligent Stop & Go" and Lane Following Assist, which Kia calls a Level Two autonomous technology. Like other such systems, it uses the adaptive cruise control and lane-keeping assist systems to control the accelerator, brakes and steering when on a highway. The system functions between 0 and 80 mph. Related Video: Featured Gallery 2019 Kia Niro EV Image Credit: Kia Kia Crossover SUV Electric

Average new-vehicle transaction price hits a whopping new peak in December

Elevated prices for products and higher borrowing rates led to record high transaction prices for new vehicles in December, with the average cost in the U.S. rising to a record $49,507, according to data from Kelley Blue Book released today. The report notes that ATPs — average transaction prices — have climbed above suggested retail prices — MSRPs — for more than a year. Sales volumes were up in December on a year-over-year basis by more than 5%, a situation Kelley attributed to improved supply. Overall sales for 2022, however, were off 8% year over year. “The transaction data from December clearly indicates overall prices showed no signs of coming down as we headed into year-end,” said Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive. “Luxury prices fell slightly in December, but non-luxury transaction prices were up. Truck sales were particularly strong last month, and with many trucks selling for more than $60,000, a new record was all but inevitable.” Industry analysts claim the most obvious headwinds in the new car market are generated by higher interest rates, forced by the Federal Reserve's rate hikes intended to tame inflation, and by generally limited inventory. A recent report from J.D. Power showed that the average monthly payment for a new vehicle loan in December was $718, up $47 from a year ago. But 16% of consumers in December took out loans with monthly payments of over $1,000. Consumers think vehicles, and electric vehicles especially, are way too expensive. Fortunately, manufacturersÂ’ incentives, all but extinct in the past two years, are returning, especially in the electric-vehicle and luxury market, the Kelley data suggest. Plus, "With the new tax credits on the way, electric vehicle ATPs will drop lower for qualifying vehicles,” Rydzewski said. Non-luxury brands, such as Honda and Kia, showed particularly strong performance in December, with the average price paid at $45,578 — a record high and an increase of $994 month over month. Meanwhile, the average luxury buyer paid $66,660 for a new vehicle last month. Mercedes-Benz and Land Rover showed the most price strength in the luxury market, transacting between 2.6% to 6.5% over sticker price. But luxury brands Audi, BMW, Infiniti, Lexus, Lincoln, and Volvo showed the least price strength with some discounting in effect, selling 1% or more below MSRP in December, according to the survey.

Kia Sorento and Pierce Brosnan make The Perfect Getaway for the Super Bowl

Automakers keep rolling out their Super Bowl ads online days ahead of the actual game, but the extended cut of Kia's commercial for the 2016 Sorento is probably the best of the batch released so far. The spot does a great job of combining action and humor into a tight package, while showing off the CUV in the snow. The ad, titled The Perfect Getaway Vehicle, stars former James Bond actor Pierce Brosnan as he is pitched for the Kia commercial. Brosnan tries to imagine it all, but given a career mostly as a suave action star, he misunderstands the slightly more realistic style that the brand is going for.