Kia aims to launch 14 all-electric models by 2027

Kia Corp., South Korea’s second-largest automaker, said on Thursday it will launch 14 electric vehicles by 2027 with an aim to sell 1.2 million EVs in global markets in 2030.

Unveiling the company’s 2030 vision at its 2022 CEO Investor Day forum, Chief Executive Song Ho-sung said the company will invest 28 trillion won ($23 billion) in future mobility solutions by 2026 to beef up its EV lineup and achieve the sales target.

"To increase our EV sales, we will focus on four major markets, South Korea, the US, Europe and China, where demand is rising and regulations against combustion engine cars are getting tougher," he said.

At the forum, the company also unveiled four key business targets: accelerating electrification and achieving annual sales of 1.2 million battery electric vehicles (BEVs) by 2030; reaching 4 million total annual vehicle sales by 2030, including over 2 million eco-friendly models; expanding the application of connected car features and autonomous driving technologies to all new vehicles; and become the number-one brand in the global purpose-built vehicle (PBV) market by 2030.

In major markets with tough environmental regulations such as Korea, North America, Europe and China, Kia said its eco-friendly cars will account for up to 78% by 2030.

TRANSITION TO FUTURE MOBILITY PROVIDER

Kia, a unit of Hyundai Motor Group, said it will accelerate its transition to a future mobility provider by expanding its EV lineup.

Starting in 2023, Kia plans to launch at least two BEVs every year and build a full lineup of 14 BEVs by 2027.

Compared to its previous plan to release 11 models by 2026, Kia will be adding two electric pickup trucks – a dedicated electric pickup truck and a strategic model for emerging markets – and an entry-level BEV model, it said.

The company plans to launch its flagship EV model, the EV9, in 2023. The large-size SUV boasts acceleration of zero to 100 km per hour in five seconds, and a driving range of approximately 540 km on a full charge, according to Kia.

Kia said it will also strengthen its push for the development of purpose-built vehicles (PBVs).

The company aims to unveil personalized vehicles based on a dedicated PBV platform from 2025 and sell 1 million units in 2030.

CHINA MARKET

Kia and its sister firm Hyundai Motor Co. are particularly targeting to raise their presence in China, the world’s largest EV market.

According to the Korea Automotive Technology Institute, global EV sales reached 4.72 million units last year, and China accounted for nearly 58% or 2.72 million cars.

The two Korean carmakers, however, have barely sold their EV models in China due to fierce competition with local automakers and other foreign companies such as Tesla.

Hyundai and Kia’s overall car sales in China have been declining since 2016 amid aggressive marketing by their global rivals and in the aftermath of a diplomatic dispute between Seoul and Beijing over the deployment in Korea of a US anti-missile system in 2017.

As part of its efforts to revive sales in China, Hyundai Motor in November of 2021 unveiled an electric variant of the GV70, a premium SUV under its standalone Genesis brand, at the Guangzhou International Automobile Exhibition.

Kia, at its CEO Investor Day forum on Thursday, also said it will unveil midsize EV models targeting Chinese consumers from 2023.

Write to Il-Gue Kim, Byung-Uk Do and Hyung-Kyu Kim at Black0419@hankyung.com
In-Soo Nam edited this article.