5 April 2023: Kia, South Korea’s second-largest automaker has declared that it will initiate the manufacturing of compact electric vehicles in Europe as a part of its pledge to introduce 15 new electric vehicles by 2027.
The announcement was made during its yearly Investor Day, where the company also committed to create EVs in its primary markets, such as Europe, China, US and India, instead of only producing them in Gyeonggi, South Korea.
The firm’s plant in Slovakia has been producing 350,000 cars annually for a long time, but there is a possibility that it may undergo significant improvements in the production of electric vehicles. However, there is not much information available yet, so there is not much information yet, so there is also a chance that a new factory specifically for EV production may be established.
At present, Kia’s plant in Slovakia manufactures several models including the Kia Ceed, Kia Proceed, Kia Xceed, and Kia Sportage. Additionally, the company’s electric vehicles such as the Kia EV6, Kia Soul EV, and Kia Niro EV are produced in their home country.
Kia has announced that it will manufacture small and mid-sized electric vehicles in Europe, citing their significant role in driving sales in the region. The company shared its updated Plan S during a presentation, revealing that it has added one more EV to the 14 that it had originally planned to launch by 2027.
The EV6 and Niro EV have already arrived, and the EV9 flagship SUV and EV5 crossover will be introduced soon. The EV9 will be available at dealerships before the end of this year.
During the event, the company announced that it has increased its target for the percentage of electric vehicles (EVs) to be sold by 2030 to 55%, which is a 7.5% increase from the target it had announced during its 2022 Investor Day.
To achieve this, it plans to expand its EV line-up and set an annual global sales target of 2,380,000 EVs by 2030, which is up 7.5% from the previous target of 2,080,000. The company also mentioned that the use of new technologies, such as over-the-air updates for car software, will contribute to boosting sales. These updates will be available in models released from 2025, and customers will be able to upgrade and customise their car's software through this feature.
The company has also launched a Purpose-Built Vehicle business for electric commercial machines, which will eventually become a significant component of the company. Production is expected to begin in 2025.
The as-yet-unnamed PBV will be of medium size and will be built on a "skateboard-type" platform, allowing for customisation to suit different use cases by adding various body types.
With the increasing demand for electric vehicles worldwide, Kia's decision to expand its EV lineup will undoubtedly benefit the company's bottom line and solidify its position as a leader in the automotive industry.