Kia's EV9: Yahoo Finance test drives new all-electric SUV

Kia's (000270.KS) all-electric EV9 contributed to the automaker's EV sales in March, which saw year-over-year gains of 151%. The EV9 is an all-electric SUV with three rows, aimed at being a utility option for American families.

Yahoo Finance Reporters Rick Newman and Pras Subramanian join Wealth! to give insight into their test drive of Kia's latest EV model.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino

Video Transcript

BRAD SMITH: Looking to make the transition to an EV but need enough seats for the whole family. Big question for a lot of households out there. Kia's, all electric three row EV9 helped push EV sales up in March and 151%. My gosh, my eyes almost popped out of my head for a hot second there. From the prior year at least Kia launched the vehicle late last year. We should note. And Yahoo Finance's very own Pras Subramanian and Rick Newman got to try it out. I mean, I love hear about-- hearing about you guys ride alongs that you do here. What did you find out from this model?

RICK NEWMAN: Price is a bad driver always. I mean, I've never comfortable-- I'm never comfortable when he's in the driver's seat. I'm sorry, you had something to say.

PRAS SUBRAMANIAN: I mean, well, first of all Rick, because it was a three row as a large SUV Rick started off the shoot in the back seat, thinking that that'd be the place for him to be when we started this shoot so we couldn't even see it.

RICK NEWMAN: I can't relax when prize is at the wheel.

PRAS SUBRAMANIAN: But anyway back to the space of this thing. Rick, the reason why we tested it is because this is the first three row mainstream EV SUV that's in America really offer right now. It's not $120,000. This car starts at around a mid 50s for the base line trim. Of course, ours was souped up Rick with the relaxation package that costs extra $2,000.

RICK NEWMAN: That's what I was asking was in the back seat.

PRAS SUBRAMANIAN: 75k range. So expensive but not that crazy when a Tahoe costs that money too.

RICK NEWMAN: I mean, we like EVs. I think. I mean, they are fun to drive. We like the concept. I'm not ready to buy one personally because I only have one car and I don't want to have to deal with range issues when I'm driving to Vermont--

PRAS SUBRAMANIAN: What's the range on this one? Do you remember?

RICK NEWMAN: It's about 300. Yeah.

PRAS SUBRAMANIAN: I'd say the EPA is a little bit less. But we had 300 when we picked up the car with full charge. So that's what Kia was saying. The vehicle was saying, I have 300 miles of charge. Just don't watch out for cold weather and things like that. But--

RICK NEWMAN: See, that's what I don't want to have to think about. But I think there's a problem in terms of making a purchase decision for a car like this. Because I think it's hard to know what's the right price for an EV. I mean, we talk about this all the time when we're driving these things. I mean, we're driving this at $75,000. This one does not qualify for the $7,500 tax rebate, correct?

PRAS SUBRAMANIAN: Well, it's not made in America. So--

RICK NEWMAN: It's not made, yeah.

PRAS SUBRAMANIAN: --In North America.

RICK NEWMAN: So you'd have to lease it to get the tax break.

PRAS SUBRAMANIAN: Yes.

RICK NEWMAN: And there's all this news. There's now this glut of EVs supposedly automakers have made too many of them. So there are discounts, Tesla has been discounting, others have been discounting behind Tesla. So my problem is what is the right price to pay for an EV? And maybe you think $50, 55 for something this big that can haul the whole family is a bargain. I'm not so sure.

BRAD SMITH: I guess, it depends upon the amount use that you're going to get out of it as well. And that could come back to the range considerations.

PRAS SUBRAMANIAN: I mean, it is a family hauler. And if you're going to be taking the kids.

RICK NEWMAN: In 6, 7 comfortably.

PRAS SUBRAMANIAN: Yeah. Easily, you're taking it around to the soccer practices, grocery shopping. You're not potentially-- I mean, you could take it on a road trip if you can plan out your charger path. But I think the big picture is, I thought when this many people thought when this car came out that it'd be selling like hotcakes. Americans want a three row car, an EV great. But it turns out even this car is being discounted on the lots, surprisingly. Kia, like you said, had pretty strong sales for EVs compared to last year. But they still are making too many. And there's not enough buyers just quite yet.

RICK NEWMAN: So is that-- I think that is because we've hit-- we've ceilinged out in terms of the people who are willing to be the early adopters. So something in favor of this huge hauler like this, that's electric. Is it's actually ideal for running around because if you have this car in a gas version, I mean, you're going to get 10 miles per gallon. 12 if you're lucky or maybe 15 in a highlander or something. I mean, this is ideal for hauling around where you would otherwise be getting terrible mileage because that's what EVs are great at.

PRAS SUBRAMANIAN: Yeah.

RICK NEWMAN: You bring it home and you charge it overnight. You never have to hit a gas station.

PRAS SUBRAMANIAN: And this real quick. I think thing looks pretty good.

RICK NEWMAN: Yeah. It does.

PRAS SUBRAMANIAN: And the inside was like luxury level. I thought it was like I was in a Range Rover. That's how nice it is. So this is a Kia. So--

RICK NEWMAN: All right.

PRAS SUBRAMANIAN: --Yeah. We'll see.

BRAD SMITH: We got to go. But grades on a scale of 10. Do you guys give us grades typically?

PRAS SUBRAMANIAN: We need to come up with a system. But--

RICK NEWMAN: I mean, I would give this-- I would give this a seven and I'm not going higher because it doesn't qualify for the tax rebate and the cost questions.

PRAS SUBRAMANIAN: And Kia does build stuff in America. If they brought this over to that manufacturing, maybe then it's a better value. But I think seven is a strong choice.

BRAD SMITH: Seven, Pras and Rick heads, done deal. Thanks so much, guys. Appreciate it.