Seoul, South Korea - Kia Corporation (KRX: 000270) unveiled three new small and mid-size electric vehicles at the Annual Kia EV Day.
The company reaffirmed its global strategy to lead and accelerate the EV revolution.
Why it matters:
As its sibling, Hyundai Motor Company, has taken the lead in the EV market, Kia's movement has been focused on the market as a competitor and part of the Hyundai Motor Group.
Kia has detailed its global electric vehicle (EV) strategy to diversify its product lineup and tap into the growing market for EVs.
The Key Points
A. New models introduced:
- Kia EV5: An electric SUV.
- Kia Concept EV3: An electric compact SUV prototype.
- Kia Concept EV4: An electric sedan prototype.
B. Strategic Expansion:
- Kia is looking to diversify its EV lineup.
- Three new models were announced.
C. Charging Infrastructure:
- Plans to expand charging infrastructure.
- Partnerships in North America for charging and Europe's IONITY network.
D. Customer Interaction:
- Efforts to combine online and offline touch points.
- Leverage VR and MR technologies in customer experience.
- Leverage regional product specialists.
The Big Picture
A. Projections:
- Target: Achieve annual sales of 1.6 million electric vehicles by 2030.
- Plans to have eight global EV manufacturing facilities by 2025.
- Focus on sustainable manufacturing practices.
B. Technological advancements:
- Kia plans to release an integrated app in 2024.
- Integration of AI for features such as e-routing.
- Generative AI technology is planned for the 2024 EV3 model.
C. CEO Statement:
Ho Sung Song discusses Kia's transition to electric vehicles, mentioning technological advancements and service updates.
D. Design Approach:
- New models follow the "Opposites United" design philosophy.
- The "Power to Progress" design element is evident in the Concept EV4.
