Kia aims for 1.6 million EV sales by 2030

Kia has updated its strategies through the 2023 Kia CEO Investor Day in Seoul with a focus on electrification and 15 EV models by 2027.

Its new 2030 annual sales target is 4.3 million units (34.4% higher than its 2023 annual sales target of 3.2 million units), of which 2.38 million units will be electrified vehicles.

Financial targets have also been increased to NZ$192 trillion (KRW160 trillion) in gross revenue, NZ$19 trillion (KRW16 trillion) won in operating profit and 10% in operating profit margin.

Kia unveiled its mid- to long-term strategy ‘Plan S’ in 2020, which focuses on a pre-emptive transformation towards an EV-focused business and providing customised mobility solutions.

Since then, Kia has held a CEO Investor Day every year to present updates on the company’s future vision and goals.

It intends becoming a leading EV brand by raising the proportion of electrified car sales to 55% (2.38 million units) in 2030 – a 7.5% (300,000 units) increase from the 2030 target announced last year, while the global sales target for electrified vehicles has increased by 15.5% (320,000 units).

Kia president and chief executive Ho Sung Song says the brand needs to continue its efforts to strengthen its identity and establish an innovative and customer-centric business model.

Its 2026 annual EV sales target is increase to a million units and 2030 EV sales target to 1.6 million units annually, representing a 25% increase and 33% increase respectively from goals announced a year earlier.

Award wins have helped prompt the move with the Kia EV6 GT newly announced as the 2023 World Performance Car.

The EV6 won the 2022 European Car of the Year and 2023 North American Utility Vehicle of the Year. Kia now plans to build an EV line-up of 15 models by 2027, including the flagship model EV9 revealed recently -= one more than the ‘14 models by 2027’ announced a year earlier.

It will continue to implement new technologies on its product and apply connectivity features to all new models released after 2025, allowing customers to update and optimise vehicle performance through over-the-air (OTA) updates.

The EV9 will feature Highway Drive Pilot (HDP), a conditional level three autonomous driving technology, which allows the driver to operate the vehicle “hands-off” under specific conditions.

In 2026, Kia plans to introduce HDP2 technology that will support “eyes-off” driving under certain conditions.

The 2023 CEO Investor Day event also provided a blueprint for the purpose-built vehicle (PBV) business.

The company plans to launch a mid-size dedicated PBV model in 2025 at a dedicated PBV production facility in Hwaseong, and will gradually build a full line-up of PBVs, ranging from small to large, including a robotaxi with autonomous driving technology.

In addition, the company intends to commercialise data and software-based solutions to introduce customised products and services for customers’ diverse needs, and to develop mobility services in connection with Hyundai Motor Group’s Advanced Air Mobility (AAM) and robotics businesses.