For example, Kia will make electric cars more affordable

Kia has set itself the goal of selling approximately 1.6 million electric vehicles by 2030, spread over 15 models including the EV2, EV4 and EV5. Along with this effort, Kia reveals a bunch of other compelling numbers. Our thoughts are given on page 98 of presentation which the brand has shared with investors: cost savings for EVs.

Kia’s EV cost savings: 3 ways

Kia is working on making electric vehicles affordable in three main areas: reducing the cost of Electronics (battery, electric motor, on-board charger), battery diversity (see details below) and the future EV platform.

1. Battery, electric motor and charger on board

A reduction in the cost of the battery, electric motor and on-board charger will make a big difference in terms of percentages. These costs will gradually decrease by 10, 15 and 20 percent in the coming years, resulting in savings of 45 percent between 2022 and 2031. Then we talk about raw material costs.

2. Customization in the battery area

Another way to make batteries cheaper is battery diversity. A tricky word that we translate as ‘customization in the battery compartment’. So use LFP batteries for vehicles that benefit from them and use battery cells with a simple design. Because as you know, the automotive industry uses different types of battery cells. From cylindrical to rectangular or long and thin. This customization method will provide savings of 10 to 20 percent, Kia predicts.

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3. The EV platform of the future

Another cost savings of 10 to 20 percent is assumed from the future EV system. This is simple and has few parts. Kia says it is developing a platform based on the IMA (Common Integrated Architecture), which standardizes EV features. So different models use common devices to allow the add-on to do its thing.

As mentioned, you will have to wait until 2031 to take full advantage of the proposed savings.