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Kia's electric foray-7 new BEVs by 2027, 25% share of global sales by 2029

Sumant Banerji     September 16, 2020

South Korean carmaker Kia Motors on Wednesday revealed its global electric vehicle plans wherein the company would launch 7 new fully battery-operated electric vehicles by 2027. Kia is aiming for these vehicles to account for at least a quarter of its global sales by 2029.

The first of these BEVs, code-named CV, will be revealed in 2021 as the brand's first dedicated BEV, destined for many regions globally. Today's announcement is an extension of the company's Plan S strategy, announced at the start of 2020, which said the brand planned to expand its BEV line-up to 11 models by 2025. Over the same period, it aims for BEVs to account for 20 percent of the brand's total vehicle sales in advanced markets, including Korea, North America and Europe.

"Kia has sold more than 100,000 BEVs worldwide since the introduction of our first mass-produced BEV in 2011, the Kia Ray EV, " said Ho Sung Song, President and CEO, Kia Motors. "Since then, we have started to introduce a range of new BEVs for global markets and announced plans to accelerate this process in the years ahead. By refocusing our business on electrification, we are aiming for BEVs to account for 25 percent of our total worldwide sales by 2029."

Overall, Kia wants to establish a leadership position in the global EV market and play an active role in the race along with other mass market carmakers like Volkswagen, Renault Nissan group, Peugeot Citroen besides Japanese manufacturers Honda and Toyota.

"Kia Motors is undergoing a company-wide transformation in order to realise 'Plan S'. The CV model, due to launch in 2021, will encapsulate the brand's attitude towards innovation and change, presenting a new design direction that signifies Kia's transition to an EV-focused business strategy," the company said.

In addition, Kia Motors plans to expand its global after service infrastructure for EVs. It aims to increase its number of dedicated EV work bays in Korea to 1,200 by 2030. In other markets worldwide, it will increase its number of EV work bays to 600 by the end of this year, and more than 2,000 by 2023.

It also seeks to innovate its sales practices for EVs and is exploring the creation of subscription services to offer a diversified buying option for customers, as well as EV battery leasing and rental programs, and other 'second-life' battery-related businesses.

In Korea, Kia will strengthen business activities that directly lead to the construction of a charging infrastructure. Initially this will rely on its existing network of nationwide sales branches, dealerships and service centers, with Kia aiming to supply around 1,500 EV chargers by 2030. Furthermore, Hyundai Motor Group will install 120 Ultra-Fast Chargers by 2021 in urban centers and along twelve highways linking eight provinces across the country.

Worldwide, Kia is establishing more than 2,400 EV chargers in Europe and around 500 in North America, partnering with its dealer networks. Kia plans to continue to increase its charging infrastructure in line with the growing market for EVs.

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