Kia updated its EV plan on Wednesday, April 5, at its CEO investor day 2023 in Seoul, Korea. The automaker asserted that its new target goal for EV sales by 2023 is 1.6 million, an increase of 400,000 from its prior forecast of 1.2 million.
By that time, Kia anticipates 4.3 million total purchases, which would translate to a 37% market share for EVs.
After a milestone year in 2022 and a fresh brand revamp, Kai hopes to maintain the momentum. In 2020, the South Korean manufacturer unveiled its “Plan S” strategy, which aims to increase sales by transforming the business into an EV-focused brand. In fact, Kis has completely transformed its brand, that which includes changing the company name and introducing a new logo.
In May of last year, Kia revealed the EV6, a high-flying crossover built on Hyundai’s E-GMP platform, which also underpins the IONIQ 5 and IONIQ 6 models.
The company developed its “opposites united” design, which has been its guiding philosophy for the new EVs like the flagship EV9, Kia’s first seven-seat SUV, and the smaller EV5 electric SUV that will be released soon.
Ho Sung Song, the CEO of Kia, declared yesterday that the manufacturer would speed up its efforts to establish itself as an “EV tier 1 brand.” For this purpose, Kia has developed four pillars:
- Introduced a full EV lineup, including 15 models of 2027.
- Increase EV sale goals to 1.6 million by 2030, up from 400,000 from the prior 1.2 million guidance.
- Advanced battery technology from Gen 3 to Gen 5, which Kia says will increase energy density by 50% and secure a stable battery supply chain.
- Install 3,500 ultra-fast charges in Korea by 2025 while partnering globally to expand charging infrastructure.
Ultimately, Kia’s first target will be selling 258,000 EVs by the year’s end.