2024-04-10 04:38:10
Kia expects a significant increase in sales in the coming years and an acceleration in its production of hybrid models, the Korean automaker said Tuesday in Seoul during an investor conference. After a record year in 2023 with three million vehicles sold, Kia confirmed in a press release an ambitious sales target of 4.3 million units per year in 2030.
1.6 million of these vehicles should be electric, with 15 new models launched by then, said this pioneer of the transition to electric battery cars. The compact EV3 should notably expand the range downwards from 2024, before the arrival of the EV2 city car and the EV5 SUV. Kia, the world’s third largest automobile manufacturer with its partner Hyundai, also plans to launch two electric models in emerging markets, including India.
If the Korean manufacturer does not slow down on electric vehicles, it intends to accelerate on hybrid and plug-in hybrid models, which might represent nearly 900,000 sales per year in 2030, an increase of three points in total sales compared to the initial plan. . The brand plans to increase its range of hybrid vehicles from 6 models in 2024 to 9 models in 2028. With these hybrids, Kia wants “dealing with the uncertainties weighing on the mobility industry globally” and stay «flexible»explained his management.
Also read: Korean Kia will produce a small electric car in Europe
An “irregular” growth rate
Car manufacturers have noted a slowdown in the growth of electric car sales in Europe since the start of the year. “While demand for electric vehicles is expected to remain stable by 2030, its pace of growth might prove to be irregular in the short term”believes Kia. “Demand for electric cars might be affected by various factors such as a weakening of global economic growth, reduction of government purchasing subsidies and a slowdown in the deployment of charging infrastructure”adds the group.
Kia also hears “counter the emergence of its Chinese competitors” by providing connected features as many of its vehicles sold in emerging markets as possible, such as remote updating. The manufacturer also plans to manufacture cars in its Chinese factories for other emerging markets. The brand is targeting a turnover of 101,000 billion won (68 billion euros) in 2024 with an operating margin of 11.9%.
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