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Kia Reveals 2030 Electrification Roadmap - Hybrids In Greater Focus
South Korean carmaker Kia is setting its sights on becoming a dominant force in the sustainable mobility domain, with ambitious goals for electric vehicle (EV) sales and a substantial investment in future technologies.
By 2030, Kia aims to sell 1.6 million EVs annually and is on track to release 15 new EV models by 2027. The company is also focusing on enhancing its hybrid electric vehicle (HEV) lineup and aims to sell 250,000 purpose-built vehicles (PBVs) each year by 2030.
To achieve these objectives, Kia plans to invest KRW 38 trillion ($33 billion) by 2028, with KRW 15 trillion earmarked for future business developments. For 2024, the company has set financial targets that include KRW 101 trillion in revenue, KRW 12 trillion in operating profit, and an operating profit margin of 11.9%.
Central to Kia's strategy is its commitment to environmental, social, and governance (ESG) management, with a goal to utilize 66% renewable energy in its facilities by 2030. Additionally, Kia is innovating with plans to introduce two new models, three product enhancement models, and two derivatives by 2024.
Kia's roadmap includes a focus on electrification and the development of powertrain options, with a full lineup of EVs and HEVs planned for key markets. The company is also looking to expand its charging infrastructure, aiming to build over 5,400 charging stations in South Korea and utilize over 30,000 stations in North America by 2030.
Product innovation is a priority, with a focus on connectivity, autonomous driving, performance, and design. Kia plans to expand connectivity services, including OTA updates and in-car payments, particularly in emerging markets. The company is also working on developing software-defined vehicles (SDVs) to enhance convenience and safety, while expanding its autonomous driving capabilities.
Positioning itself as a leader in the PBV market, Kia aims to sell 250,000 PBVs annually by 2030. The introduction of the PV5 and PV7 models is part of this strategy, with the PV5 set to launch in 2025 and the PV7 in 2027. Kia's flexible production system and synergies with Hyundai Motor Group will be leveraged to develop PBV solutions and expand into autonomous driving, robotics, and advanced air mobility.
With sustainability a core focus, Kia is committed to building a sustainable business structure and has set ambitious environmental targets. The company aims to replace all electricity demands at its workplaces worldwide with renewable energy, targeting 66% by 2030, 82% by 2035, and 100% by 2040. Kia is also dedicated to contributing to global social issues and practicing responsible management.
Financially, Kia is aiming for 3.2 million wholesale units and 3.14 million retail sales in 2024, targeting a market share of 3.8%. The introduction of new models, enhancements to existing models, and an increase in competitiveness in the EV business are part of these plans. With a robust investment strategy of KRW 38 trillion by 2028, Kia is poised to secure its future competitiveness and maximize shareholder value.
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