Kia Embraces Electric Vehicles Fully Despite Concerns About Demand

Kia is committed to investing in electric vehicles (EVs) and has announced plans to sell 3.2 million EVs in the global market by 2024, with a goal to increase global EV sales to 4 million by 2027 and 4.3 million by 2030. The company anticipates that pure battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs) will account for 24% of total sales this year, with 761,000 units expected to be sold. Kia attributes its strong focus on EVs to the changes it has undergone since its relaunch in 2021, including the establishment of a groundbreaking EV lineup and a customer-centered mobility future.

The CEO of Kia emphasized the brand’s commitment to adapting to market changes and implementing a mid- to long-term strategy to benefit customers, communities, and the global society and environment. However, despite Kia’s EV goals, its parent company, Hyundai Motor Group, expects a slowdown in the global EV market until 2026 due to economic factors, reduced EV subsidies, and the need for expanded charging infrastructure. Despite this, Hyundai plans to counter the slowdown by strengthening its HEV lineup and introducing more affordable EVs.

Additionally, Kia plans to launch a range of HEV models, with six models set for 2024, eight for 2026, and nine for 2028. It is evident from the plans of Kia and Hyundai that both companies are prioritizing hybrid production in response to the evolving market trends.

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