Kia targets 1.6 million electric vehicle sales by 2030
Kia has outlined its plans to accelerate its EV transition with target of 1.6 million EV sales by the end of the decade.
Kia has updated its mid- to long-term business strategy with a focus on electrification. Kia’s updated 2030 annual sales target is 4.3 million units, of which 2.38 million units will be electrified vehicles. The financial targets have also been increased to KRW 160 trillion in gross revenue, 16 trillion won in operating profit and 10 per cent in operating profit margin.
Kia first unveiled its mid- to long-term strategy entitled ‘Plan S’ in 2020, which focuses on a pre-emptive transformation towards an EV-focused business and providing customised mobility solutions. Since then, Kia has held a CEO Investor Day every year to present updates on the company’s future vision and goals.
During the 2023 CEO Investor Day, Kia announced updated goals and specific details of its business strategy. Kia’s 2030 global sales target of 4.3 million units is 34.4 per cent higher than its 2023 annual sales target of 3.2 million units. It also plans to become a leading EV brand by raising the proportion of electrified car sales to 55 per cent (2.38 million units) in 2030. This is a 7.5 per cent (300,000 units) increase from the 2030 target announced in 2022, while the global sales target for electrified vehicles has increased by 15.5 per cent (320,000 units).
“In 2021, Kia went through a full-scale transformation of its corporate name, logo, product and design, as well as corporate strategy. As a result, our brand value has improved significantly, helping us to win a number of ‘Car of the Year’ awards in key markets,” said Kia President and CEO Ho Sung Song. “In order to become a Sustainable Mobility Solutions Provider, Kia needs to continue its efforts to strengthen Kia brand identity and establish an innovative and customer-centric business model.”
Key within the refreshed sales targets, Kia increased its 2026 annual EV sales target to one million units and 2030 EV sales target to 1.6 million units annually, representing a 25 per cent increase and 33 per cent increase, respectively, from goals announced a year earlier.
The update is based on Kia’s confidence in its award-winning products. The EV6 won the ‘2022 European Car of the Year’ and ‘2023 North American Utility Vehicle of the Year.’ Kia now plans to build an EV line-up of 15 models by 2027, including the flagship model EV9 revealed recently. This is one more than the ‘14 models by 2027’ announced a year earlier.
It will continue to implement new technologies on its product and apply connectivity features to all new models released after 2025, allowing customers to update and optimise vehicle performance through over the air (OTA) updates. Regarding autonomous driving technology, the EV9 will feature HDP (Highway Drive Pilot), a conditional level three autonomous driving technology, which allows the driver to operate the vehicle “hands-off” under specific conditions. In 2026, Kia plans to introduce HDP2 technology that will support “eyes-off” driving under certain conditions.
