Kia to launch a dedicated EV model in 2021, 11 EVs by 2025
Kia Motors Corporation has announced details of ‘Plan S’, its mid- to long-term strategy aimed at progressively establishing a leadership position in the future automotive industry, encompassing electrification and mobility services, as well as connectivity and autonomy.
The ‘Plan S’ strategy outlines Kia’s preemptive and enterprising ‘shift’ from a business system focused on internal combustion engine vehicles toward one centered on electric vehicles and customized mobility solutions.
The company’s ongoing brand innovation and profitability enhancement will support the two-track Plan S strategy targeting the shift toward electric and autonomous vehicles as well as mobility services.
By the end of 2025, Kia plans to offer a full line-up of 11 battery electric vehicles. With these models Kia is looking to achieve a 6.6% share of the global EV market (excluding China), while also attaining a 25% share of its sales from its eco-friendly cars.
With the global EV market expected to gain strength by 2026, Kia is aiming for 500,000 annual EV sales and global sales of one million eco-friendly vehicles (excluding China).
Alongside these objectives, Kia will offer EV-based mobility services as part of its new business model, helping solve global urban problems such as environmental pollution.
In the Purpose Built Vehicle (PBV) market, anticipated to grow on the back of expanding car-sharing and e-commerce businesses, the company will secure leading-edge competitiveness.
Plan S will see Kia Motors invest a total of 29 trillion won (US $25 billion) by the end of 2025 to establish leadership in vehicle electrification and diversify its business.
“As the auto industry undergoes turbulent changes, today is also an opportune time for Kia Motors to radically transform itself into a global enterprise dedicated to spearheading customer value-led innovations,” stated Kia Motors President and CEO, Han-Woo Park.
