Kia aims to reach gross sales of $122 billion by 2030

A year after Kia unveiled its roadmap for sustainable mobility by 2030, the Hyundai-owned brand has upped the ante. At the company’s 2023 CEO Investor Day on Wednesday, Kia management said the company aims to reach KRW 160 trillion ($122 billion) in gross revenue by 2030.

The financial target is part of a general update to Kia’s forward-looking strategy, “Plan S”, which was launched in 2020 and featured rebranding. Wednesday’s update also includes a KRW 32 trillion ($24 million) investment in the automaker’s electrification strategy, 45% of which is dedicated to “future business lines.”

The funds are expected to help Kia ramp up production over the next few years. Kia updated its global sales target of 4 million units by 2030 to 4.3 million units, and its annual electric vehicle sales target from 1.2 million units to 1.6 million units by 2030. That will be quite the ramp from where Kia is today. The company is targeting 258,000 electric vehicle sales by 2023 and 1 million units by 2026, which will account for 8% and 25% of all Kia sales, respectively. Next year, the company announced that it will start operating its first dedicated electric vehicle factory in Gwangmyeong.

Kia also said it would launch 15 new electric vehicle models by 2027, one more than the company promised last year. One of those models is expected to be a purpose-built mid-size SUV, which Kia aims to launch by 2025. What it’s built for, Kia didn’t say.

The Korean automaker recently unveiled the newest electric vehicle in its portfolio, the EV9 SUV, which is packed with technology and will go on sale in select markets in the second half of the year.

All of Kia’s upcoming vehicles will be technology-driven, the company said. By 2025, Kia said all new models will be connected to the company’s “connected car data cloud”, which should enable over-the-air updates and allow customers to personalize their vehicles.

The company also promises to focus on its Advanced Driver Assistance System (ADAS) brand, AutoMode, which debuts on the EV9. Kia takes its ADAS one step further with HDP (Highway Driving Pilot), which it describes as Level 3 autonomous driving technology “that doesn’t require human steering wheel control for certain stretches of road, such as highways.” and will also make its debut with the EV9 this year.

As part of its range roadmap, Kia said that by next year the company plans to use OTA updates to bring drivers more “eye-off” or hands-on features. free, and in 2026 it will release HDP2 which uses “high precision navigation”. .”

Purpose-built vehicle company

Alongside its first purpose-built SUV, Kia aims to launch by 2025, the company has formally established a purpose-built vehicle (PBV) business structure, with a range of vehicles dedicated to various business needs. The company aims to develop a solution capable of managing PBV data, software and billing.

Kia said it believes the PBV unit will be one of its key future businesses. As such, the company is building a dedicated factory in Hwaseong, which will be unveiled in 2025 and will build mid-size vehicles for a variety of vehicles. PBVs will be based on a “flat, skateboard-like platform, allowing size and shape to be adjusted to suit” a business partner’s purpose and needs.

Kia will gradually expand its PBV lineup to include a robotaxi, a small vehicle for delivering goods or food, and a large vehicle that can “replace public transport or be used as a mobile office,” the company said.