India (Commonwealth) _ The establishment of an EV production facility in India has been announced by Kia. This new factory will service the domestic market in addition to acting as a global production base for developing nations.
‘Kia EV Day’, which was its first year, saw the announcement. “Strategically designed EV models tailored for emerging markets will be produced in India,” the automaker stated. Eight production sites in total, with Korea as the main base, have been proposed. Europe will produce small and medium-sized EVs, whereas China will produce mid- to large-sized EVs.
Kia intends to provide a variety of EVs with prices ranging from $30,000 to $80,000. Smaller EVs like the EV5, EV4, and EV3 will be among them. However, the automaker will initially concentrate on the EV6 and EV9 in developing regions like India. In India, Kia also intends to open unique dealerships for its EV lineup.
With its competitive goods and improved brand perception, Kia hopes to generate growth momentum that exceeds the growth of the overall market. In order to assist the increase in sales, Kia also anticipates that problems brought on by the Covid-19 epidemic and the component shortages will progressively get better. Kia has established a target of 4.01 million units in 2026 and 4.3 million units in 2030. This is an increase of 150,000 units for 2026 and 300,000 units for 2030 from the previously announced plans.
The growth will be driven by the sale of electrified vehicles, whose sales share is anticipated to rise from 21% in 2023 to 55% by 2030—an increase of 3% over the prior objective for 2030 that was announced last year. Today during the Kia CEO Investor Day event held in Seoul, Korea, Kia Corporation (Kia) gave an update on its future plans.
With an emphasis on electrification, Kia has altered its mid- to long-term business strategy. The revised 4.3 million unit annual sales forecast for Kia for 2030 includes 2.38 million electrified vehicles. Additionally, the financial goals were raised to KRW 160 trillion in total sales, 16 trillion in operating profit, and 10% operating profit margin.
Kia’s mid- to long-term plan, dubbed “Plan S,” was initially revealed in 2020 and focuses on a proactive change towards an EV-focused business and offering specialized mobility solutions. Since then, Kia has organized an annual CEO Investor Day to provide updates on the company’s long-term plans.
Updated objectives and specifics of Kia’s corporate strategy were unveiled during the 2023 CEO Investor Day.In comparison to its 2023 yearly sales objective of 3.2 million units, Kia’s 2030 worldwide sales aim of 4.3 million units is 34.4 percent higher. By increasing the percentage of electric car sales to 55 percent (2.38 million units) in 2030, it also hopes to become a premier EV brand.
The global sales target for electrified vehicles has increased by 15.5 percent (320,000 units), which is an increase of 7.5 percent (300,000 units) from the 2030 aim established in 2022.
Kia completely changed its corporate name, logo, products, and designs in 2021, as well as its corporate strategy. As a result, our brand value has greatly increased, which has enabled us to win several ‘Car of the Year’ honors in important markets,’ said Kia President and CEO Ho Sung Song. “Kia needs to continue its efforts to improve Kia brand identity and establish an innovative and customer-centric business strategy in order to become a Sustainable Mobility Solutions Provider.
Kia upped its annual EV sales target for 2026 to 1 million units and for 2030 to 1.6 million units annually as part of the revamped sales plans, which reflect increases of 25% and 33%, respectively, from the objectives stated a year earlier.
