Kia’s Ambitious EV Sales Goals and Product Mix Strategy
In a presentation to investors, Kia announced its commitment to an ambitious goal of selling 1.6 million global electric vehicles annually by 2030. This target was increased from a previous goal of 1.2 million, and the automaker plans to introduce 15 new electric models globally by 2027. Kia’s flexible PBV electric vans, which can switch from delivery vehicles to taxis, are expected to account for about 250,000 of these global sales.
Kia’s Electrified Models Strategy
While Kia is focusing on expanding its electric vehicle lineup, the company also plans to include hybrid and plug-in hybrid models in its product mix. By the end of the decade, Kia aims to achieve 2.4 million global sales of “electrified models,” which includes hybrids, plug-in hybrids, and all-electric models. The company projects that these models will represent 58% of its yearly global sales by 2030, making it the automaker with the highest percentage of electrified-model sales.
Expansion of Model Lines
To support its growing sales targets, Kia plans to introduce the EV2, EV3, EV4, EV5 electric models globally. Additionally, the company aims to increase its hybrid lineup from six models in 2024 to eight in 2026, with plans to add a ninth hybrid model in 2028. This expansion across all powertrain types demonstrates Kia’s commitment to offering a diverse range of electrified vehicles to meet consumer demand.
New Electric Models and Sustainability Initiatives
Kia unveiled the EV5, a compact crossover, in August 2023, with concept versions of the EV4 and EV5 following shortly after. While the EV3 was touted to have a base price of $30,000-$35,000, there are no firm plans to introduce these new models to the U.S. market yet. In addition to its electric vehicle plans, Kia also announced intentions to launch a hydrogen fuel-cell lineup in 2028 and to phase out leather from its vehicles by the end of the decade as part of a broader sustainability vision. The company aims to make fuel-cell vehicles comparable in price to battery-electric vehicles by 2030.
Overall, Kia’s strategy towards expanding its electrified models, while still including hybrids and plug-in hybrids, demonstrates the company’s commitment to sustainable mobility and meeting the evolving needs of consumers. This approach positions Kia as a leader in the electrified vehicle market and sets the stage for continued growth and innovation in the years to come.
