Kia’s (Hyundai group) medium and long-term programs have been updated with a focus on electrification which sees the increase to 15 electric models by 2027.
The annual sales target for 2030 is now 4.3 million units, of which 2.38 million will be electrified vehicles. Financial targets have also been revised upwards.
Plan S strategy: review of the objectives
Kia’s “Plan S” strategy, unveiled in 2020, focuses on a medium to long-term transformation and illustrates the brand’s development towards a business focused on electric vehicles and providing customized mobility solutions. Since then, a meeting called CEO Investor Day has been organized every year to communicate the latest updates on the future vision and objectives.
On the occasion of the 2023 edition, Kia’s number one, Ho Sung Song, revealed the intentions and some specific details of his four core goals for 2030: global sales of 4.3 million units, 34.4% higher than to that established for 2023 of 3.2 million; acceleration of the transition to electric vehicles with a sales target of 1.6 million units or 37% of the total; strengthening the competitiveness of products with a focus on autonomous driving technology and connectivity; and launch of a specific corporate structure dedicated to purpose-built vehicles (PBV).
Electric vehicles: increase the goal for 2026 by one million
Within the updated sales targets, the increase to one million units of the number of electric vehicles by 2026 and to 1.6 million units by 2030, for an increase of 25% and 33% compared to to the targets announced in 2022.