Kia unleashes new electric strategy, aims at 1.2 million EV sales by 2030

Kia recently unveiled an array of new ambitions at its 2022 CEO Investor Day. The South Korean carmaker said it plans to reach annual sales of four million vehicles by 2030. The figure is up by 44% from the 2.78 million units Kia sold in 2021 and 27% from its 2022 target of 3.15 million. The total figure will see contributions from different vehicle types, including over two million hybrid, plug-in hybrid, and all-electric vehicles and 1.2 million pure EVs. Moreover, Kia aims to have as many as 14 electric models in its fleet by 2027.

The South Korean automaker will bring out an entry-level EV and two pick-ups. One of the latter is expected to lock horns with the likes of the Ford F-150 Lightning, Chevrolet Silverado EV, and Rivian R1T. Another important vehicle is Kia’s flagship EV9. The all-electric SUV, which will go on sale next year, packs in the agility to hit 0-100 kmph in under 5 seconds. A range of around 540 km and a 350 kW fast-charging capability will put the EV9 as one of the better offerings in the market.

Furthermore, Kia is looking forward to selling 160,000 EVs this year and pushing the figure to 807,000 vehicles in 2026. South Korea, North America, Europe, and China are expected to account for 80% of EV sales for Kia. Around 45% of the total sales should come from electric vehicles, Kia expects.

Another milestone in the eyes is in the form of Kia’s battery cell joint venture in Indonesia. The facility should aid Kia in establishing a steady battery supply-demand system as the demand for EV batteries will surge from 13 kWh to 119 kWh by 2030. Kia will also introduce a Niro Plus for taxi and ride-hailing services later this year.

In terms of finances, Kia’s new ambitions should help it achieve a revenue of 120 trillion won (SGD 133 billion), with 10 trillion won (SGD 11 billion) in operating profit and a margin of 8.3%.

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