Kia emphasizes hybrid models

After a record year in 2023 with three million vehicles sold, Kia confirmed in a press release a sales target of 4.3 million units per year in 2030.

Some 1.6 million of these cars should be electric, and 15 new models were launched during that time, said the pioneer of the transition to battery-powered cars. The compact EV3 should extend the range downwards from 2024, before the arrival of the EV2 city car and EV5 SUV.

Kia, the world’s third-largest carmaker along with its partner Hyundai, also plans to launch two electric models in emerging markets, including India.

If the Korean manufacturer does not slow down the pace of electric cars, it intends to accelerate hybrid and hybrid models, which could represent around 900,000 sales per year in 2030, a three-point increase in total sales compared to the previous plan.

The brand plans to increase its range of hybrid vehicles from 6 models in 2024 to 9 in 2028.

With these hybrids, Kia wants to “face the uncertainty weighing on the global mobility sector” and remain “flexible”, explained its management.

Automakers have noted a slowdown in electric vehicle sales growth in Europe since the start of the year.

“If the demand for electric vehicles were to remain stable between now and 2030, its growth rate could be extraordinary in the short term,” estimates Kia. “Demand for electric vehicles could be affected by various factors such as a weakening of global economic growth, reductions in government procurement subsidies and a slowdown in the deployment of charging infrastructure,” the group adds.

Kia also intends to “counter the emergence of its Chinese competitors” by offering as many of its cars sold in emerging markets as possible with connected features, such as remote updating.

The manufacturer also plans to build cars at its Chinese factories for other emerging markets.

The brand is targeting sales of 101,000 billion won ($100 billion) in 2024 with an operating margin of 11.9%.