- 11 EVs by 2025 for 6.6% global EV market share
- First dedicated EV model expected in 2021
- Global target a million eco-cars by 2026
SEOUL, South Korea – Kia Motors has announced a mid- to long-term ‘Plan S’ to dominate the automotive industry of the future through electrification, mobility services, connectivity, and autonomy.
The company aims to change focus from internal-combustion to electric vehicles and customised mobility solutions to improve profitability that will support the ”two-track” Plan S by joining the shift towards electric and autonomous vehicles and mobility services.
Details of Plan S, as well as a 2025 financial and investment strategy, were revealed to shareholders, analysts, and credit-rating agencies at a ‘CEO Investor Day’ in Seoul.
SALES TARGET 500 000 A YEAR
Kia wants to have 11 battery electric vehicles by Christmas 2025 to create a 6.6% share of the global EV market (excluding China) including a 25% share of its sales from eco-friendly cars.
”With the global EV market expected to gain strength by 2026,” Kia told The Corner, ”we are aiming for annual sales of 500 000 EV sales and global sales of a million eco-friendly vehicles (again, excluding China).
‘KIA WILL HELP TO SOLVE GLOBAL URBAN PROBLEMS’
– CEO Han-woo Park
we hope for a six-percent operating profit margin
”In parallel with EV-based mobility Kia will help to solve global urban problems – among them environmental pollution.
”The company will secure leading-edge competitiveness among purpose-built vehicles to grow on the back of expanding car-sharing and e-commerce businesses.”
‘Plan S’: Kia’s second-generation future businesses
Kia Motors also expects to invest the equivalent of US $25-billion by end 2025 to establish leadership in vehicle electrification and business diversify.
”By the end of this period we hope for a six-percent operating profit margin and 10.6% return on equity ratio to secure the necessary capital and maximize value for shareholder.
Kia Motors’ president and CEO Han-woo Park told the meeting: “As the auto industry undergoes turbulent change so today is also an opportune time for Kia Motors to radically transform itself into a global enterprise dedicated to spearheading customer value-led innovations.
“Kia Motors will actively innovate to meet the challenges ahead, identifying and capitalising on opportunities to propel the company forward.
“Plan S is a bold and enterprising road-map for Kia’s transition, buttressed by electric vehicles and mobility solutions. Our approach is to put customers first while reinvigorating our brand with products and services that offer new experiences for customers.”
New Kia branding will be revealed in the second half of 2020.