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Kia's 2030 Electrification Plan: 4.3M Sales & 55% EV Share

Source: Kia

Kia is accelerating its electrification strategy with updated long-term business targets to reach 4.3 million annual sales by 2030, of which 2.38 million will be electrified vehicles.

The announcement was made at the 2023 CEO Investor Day, where Kia outlined its future vision and goals.

The updated 2030 global sales target represents a 34.4% increase from the 2023 target of 3.2 million units.

Kia plans to establish itself as a leading EV brand and increase its share of electrified vehicle sales to 55% by 2030.

Key sales target updates include an annual EV sales target of 1 million units in 2026 and 1.6 million units in 2030, representing increases of 25% and 33%, respectively, from the previous year’s targets.

These ambitious targets come from Kia’s successful EV6 model, which won the 2022 European Car of the Year and 2023 North American Utility Vehicle of the Year awards.

Kia plans to expand its EV lineup to 15 models by 2027, including the recently unveiled flagship EV9.

Kia’s updated strategy also includes autonomous driving technology and connectivity features. The EV9 will be equipped with HDP (Highway Drive Pilot), a conditional level three autonomous driving technology that enables “hands-off” driving under certain conditions.

By 2026, Kia plans to introduce HDP2 technology to support “eyes-off” driving under certain conditions.

The 2023 CEO Investor Day detailed plans for Kia’s purpose-built vehicle (PBV) business.

With a mid-size purpose-built PBV model to be launched in 2025, the company aims to gradually build a full lineup of PBVs, including a robot taxi equipped with autonomous driving technology.

Kia’s long-term financial targets include increasing gross sales to KRW 160 trillion, operating profit to KRW 16 trillion, and operating profit margin to 10% by 2030.

The company plans to invest KRW 32 trillion over the next five years, focusing on future businesses.

With its updated Plan S strategy, Kia is building a solid position as a leading global EV brand to achieve its new targets for 2030, including global sales of 4.3 million units and an EV sales target of 1.6 million units.