• Kia's CEO Ho Sung Song unveiled an updated 'Plan S' for its future business.
• The company will complete a 11 model EV line-up with seven dedicated EVs by 2026.
• Sung Song announced the carmaker will launch its first Purpose Built Vehicle model in 2022; sell one million units annually by 2030.
Kia announced an update to its 'Plan S' strategy for its future business at the 2021 CEO Investor Day, held digitally in Seoul. The ambitious update to its mid-to-long-term roadmap was presented by Ho Sung Song, President and CEO of Kia Corporation.
"Kia is reborn in 2021 with a new logo, new design, and new corporate name," said President Song. "Kia will transform into a brand that excites and inspires customers with innovative mobility experiences."
Moving away from internal combustion engines to electric vehicles
'Kia transformation' takes the company toward a broader business portfolio to redefine the entire mobility ecosystem, starting with the transition from the internal combustion engine (ICE) to electrification.
The company has an ambitious plan by 2030, eco-friendly vehicles such as EVs, HEVs and PHEVs will make up 40% of its , with an annual sales target of 1.6-million units.
As part of this, Kia aims to grow EV sales to 880 000 units in 2030 and become a top global seller.
Starting with the launch of its first dedicated EV later this year, Kia will strengthen its EV line-up by 2026 with 11 new models – seven dedicated EVs built on the Electric-Global Modular Platform (E-GMP) architecture, and four based on existing ICE derivatives it says.
The first dedicated EV from Kia, codenamed CV, will be featured with HDA2 (Highway Driving Assist Level 2) technology. Starting in 2023, Kia EVs will be equipped with Highway Driving Pilot (HDP), a crucial autonomous driving Level 3 development.
It is expected that Kia will enter a new level of EV profitability with the release of CV later this year. The company expects to achieve profitability at the level of existing ICE models in 2025.
The company also predicts that EV cost improvement will be continuously strengthened through economies of scale due to the expansion of EV volume and material cost reduction through R&D investment.