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Kia aims to sell 1.6 mil. EVs by 2030 despite concerns of slowed demand

Kia CEO Song Ho-sung speaks during the CEO Investor Day in Seoul, Friday. Courtesy of Hyundai Motor Group

Kia is accelerating its shift to the electric vehicle (EV) business, which is facing concerns of slowing demand, by expanding the lineup and variety of EVs through the introduction of customizable vehicles based on the platform beyond vehicle (PBV) concept, the automaker’s CEO said Friday.At the CEO Investor Day event, the carmaker unveiled plans to sell 3.2 million EVs in the global market this year, and boosting the number to 4 million by 2027 and 4.3 million by 2030.In particular, eco-friendly vehicles that include EVs and hybrid electric vehicle (HEV), are expected to sell 761,000 units this year, accounting for 24 percent of total sales, and by 2030, it plans to sell 2.48 million units, filling 58 percent of total sales, the company said. It also aims to sell 307,000 EVs this year and 1.6 million by 2030.Kia CEO Song Ho-sung said that the carmaker plans to flexibly respond to market changes and actively manage risks amid intensifying competition and expanding geopolitical difficulties.”Since the brand relaunch in 2021, Kia has undergone various changes across the business, including the establishment of a groundbreaking EV lineup and presenting a customer-centered mobility future,” the Kia CEO said during the CEO Investor Day in Seoul.”We aim to become a brand that effectively responds to the market changes and implement a tangible mid- to long-term strategy so that we can contribute to customers, communities and further to global society and the environment.”

The Hyundai Motor Group affiliate anticipates a slowdown in the growth pace of the global EV market until 2026 due to a sluggish economy, reduction in EV subsidies and lack of charging infrastructure.In a bid to seek a breakthrough, the company will offset the slowdown in EV demand by strengthening the HEV model lineup and introducing cheaper EV models. The company also plans to tackle the global expansion of Chinese brands through enhancing product competitiveness, launching PBV models and creating new demand using its factories in China.In details, Kia plans to operate HEV models in most of its key models, including its popular minivan Carnival’s HEV version launched last year, with six models in 2024, eight models in 2026 and nine models in 2028.In key markets such as Korea, North America and Europe, the company plans to introduce a total of six affordable models, starting with the EV3, followed by the EV2, the EV4 and the EV5.The carmaker is also enhancing its Highway Driving Assist (HDA) and plans to expand its supply of autonomous driving software fit for urban driving by around 2026.From a governance perspective, Kia said that it will continue to implement its shareholder return policy to maximize shareholder value, adding it will maintain its dividend payout ratio at 20 percent to 35 percent of net income.Additionally, Kia plans to buy back 500 billion won ($370 million) worth of its shares annually over the next five years to enhance 온라인카지노 capital efficiency.

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