Kia aims to sell 1.6 million electric vehicles annually by 2030, representing 37% of all sales. The automaker plans to produce EVs locally in the US, Europe, China, and India. It will commence the production of key EV models in the US from 2024, following the implementation of the Inflation Reduction Act. Kia could expand its factory in Slovakia or establish a new plant. The company announced this at its Kia Investor Day. Kia plans to produce small and medium-sized EV models in China, including the recently revealed EV5, while India will produce small EV models tailored for the local market and other emerging markets from 2025. Furthermore, Korea will serve as the global hub for research, development, and production of EV models. Kia will build its first EV factory in Korea in 2024, with the conversion of its production line in Gwangmyeong for EV production, aiming to commence the production of two EV models the following year.
“In 2021, Kia underwent a complete transformation of its corporate name, logo, product, design, and corporate strategy. Consequently, our brand value has increased significantly, helping us win several’ Car of the Year’ awards in key markets,” said Kia President and CEO Ho Sung Song.
Highlights from Kia Investor Day:
- 2030: Annual sales target of 4.3 million units (up 34% from 2023 target), with the global electrified vehicle sales target of 2.38 million units (55% of all sales).
- 2026: Annual sales target of 4.01 million units (up 25% from 2023 target).
- 2023: Annual sales target of 3.2 million units (up 10.3% from 2022 results).
- 2027: EV lineup of 15 models (up 1 model from the previous year’s announcement).
- 2026: EV annual sales target of 1 million units (25% of all sales).
- 2024: Kia to operate its first dedicated EV factory at Gwangmyeong, S.Korea.
