Kia Corporation Plans to Emphasize Electric Vehicle Development in the Future

Kia Corporation, the South Korean automaker, has announced an updated mid-to-long-term business strategy aimed at strengthening its commitment to a sustainable future and establishing itself as a leading electric vehicle (EV) brand.

The strategy, unveiled during Kia's CEO Investor Day event held in Seoul, Korea on April 5, is designed to respond effectively to changes in the mobility market and accelerate Kia's transition to a sustainable mobility solutions provider.

According to Ho Sung Song, President and CEO of Kia, the company is enhancing its global business strategy to establish an innovative EV line-up and accelerate its transition to a sustainable mobility solutions provider. This comes following Kia's successful brand relaunch in 2021.

Under the updated strategy, Kia plans to sell 2.48 million units of electrified models annually, accounting for 58% of its total sales in 2030. Of the 4.3 million units, 1.6 million are expected to be electric vehicles (EVs).

The electrified models Kia plans to sell include hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs. The strategy aims to further the establishment of an innovative EV line-up.

Kia reiterated its 2030 annual sales target of 4.3 million units, which is 34.4 percent higher than its 2024 annual goal of 3.2 million units. The company's strategy includes efficiently implementing mid-to-long-term strategies to achieve these targets.

Ho Sung Song, who assumed the role of President and CEO of Kia Corporation by at least 2021, stated that the company is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.

The event focused on discussing Kia's future strategies and financial targets, with the company emphasizing its PBV business alongside electrification in its updated strategy. Kia's strategy is intended to accelerate its transition to a sustainable mobility solutions provider and position it as a leading EV brand.