Kia updates electrification strategy, targeting significant EV sales growth

Kia Corporation outlined its updated business strategies and financial targets during its CEO Investor Day in Seoul, South Korea. The company’s revised “Plan S 2030” emphasizes significant growth in electrification, aiming for global sales of 4.19 million vehicles by 2030, with 2.33 million of these being electrified models. Kia plans to increase electric vehicle (EV) sales to 1.26 million units by 2030, accounting for a global EV market share of 4.3%.

Kia will expand its electric vehicle lineup by adding volume models, including the upcoming EV2, EV3, EV4, and EV5, alongside the current EV6 and EV9. This expansion strategy includes the development of optimized production strategies and enhanced customer service infrastructure. Strategic partnerships will support EV charging infrastructure improvements globally, including collaborations with E-pit in Korea, IONNA joint venture in North America, and Ionity in Europe.

To strengthen its EV market presence, Kia intends to enhance local production capabilities, with Korea positioned as the primary global hub for EV manufacturing. North America will focus on mid-to-large EV SUVs, Europe on compact EV SUVs and hatchbacks, and India on locally specific compact EV SUVs. Kia will utilize 13 existing plants globally for flexible production of conventional, hybrid, and electric vehicles while expanding production capabilities with two dedicated EV facilities.

Additionally, Kia will expand into the Platform Beyond Vehicle (PBV) sector, targeting 250,000 units sold by 2030. Kia’s PBV lineup will begin with the PV5, launching in July 2025, followed by the PV7 in 2027 and the PV9 in 2029. The PBV business will cater to the B2B market, offering diversified body types and market-specific solutions.

In the pickup truck segment, Kia plans to launch the Tasman model, initially targeting markets including Korea and Australia, with an annual sales goal of 80,000 units. In North America, a dedicated electric pickup model based on a new EV platform will target annual sales of 90,000 units in the mid-to-long term.

Financially, Kia aims for over KRW 112 trillion in revenue by 2025, with an operating profit margin target of 11%. The company plans significant investment totaling KRW 42 trillion from 2025-2029, with KRW 19 trillion specifically allocated for future businesses such as electrification, autonomous driving, robotics, and advanced air mobility solutions.