Kia Targeting 1.6 Million EV Sales Worldwide by 2030; 37% Of Sales

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 (US$121.6 billion) in gross revenue, 16 trillion won (US$12.2 billion) in operating profit and 10% 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 customized mobility solutions. Since then, Kia has held a CEO Investor Day every year to present updates on the company’s future vision and goals.

Kia 2023 CEO Investor Day

Kia’s 2030 global sales target of 4.3 million units—announced during the 2023 CEO Investor Day—is 34.4% 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% (2.38 million units) in 2030. This is a 7.5% (300,000 units) increase from the 2030 target announced in 2022, while the global sales target for electrified vehicles has increased by 15.5% (320,000 units).

Key within the refreshed sales targets, Kia increased its 2026 annual EV sales target to 1 million units and 2030 EV sales target to 1.6 million units annually, representing a 25% increase and 33% increase, respectively, from goals announced a year earlier.

Kia plans to build an EV lineup of 15 models by 2027, including the flagship model EV9 just revealed (earlier post)). This is one more than the ‘14 models by 2027’ announced a year earlier.

The 2023 CEO Investor Day event also provided a detailed blueprint for the purpose-built vehicle (PBV) business. The company plans to launch a mid-size dedicated PBV model in 2025 at a dedicated PBV production facility in Hwaseong, and will gradually build a full lineup of PBVs, ranging from small to large, including a robo-taxi with autonomous driving technology.

 

In addition, the company plans to commercialize data and software-based solutions to introduce customized products and services for diverse needs of customers, and to develop mobility services in connection with Hyundai Motor Group’s Advanced Air Mobility (AAM) and robotics businesses.