Kia to introduce 11 EVs by 2025
Kia has announced plans for 11 battery electric vehicles to join its global stable by 2025, headed by an EV crossover with 500km of range.
"Starting with the launch of its maiden dedicated EV model in 2021, Kia will establish a full EV line-up of 11 models by 2025, adding new EV models to its whole line-up along the way, including passenger vehicles, SUVs and MPVs from 2022," the company said in a statement.
Kia will focus on “developed markets” like Korea, the US and Europe, where it hopes its BEVs will account for around 20 per cent of its annual sales within five years.
EVs will be selectively introduced in “developing markets” while also raising volumes of its internal combustion engines. Most of these sales are expected to be SUVs and commercial vehicles.
As well as this new EV goal, the Korean brand said it wants to sell another 500,000 ‘eco-friendly’ hybrid vehicles per year within the same five-year timeframe.
“As the auto industry undergoes turbulent changes, today is also an opportune time for Kia Motors to radically transform itself," said KMC president and CEO Han-woo Park.
Spearheading the EV charge will be a halo car, presumably a crossover inspired by the Kia Imagine concept of last year. "The dedicated EV model to be launched 2021 will be built on a unique platform specifically engineered to accommodate the car’s world-leading EV powertrain and technologies," the company stated.
"It will offer a crossover design which blurs the boundaries between passenger and sport utility vehicles, a future-oriented user experience, a single-charge driving range of over 500 kilometres, and sub-20-minute high-speed charging time.
"Across its EV line-up, Kia plans to operate two different types of EVs with different charging capabilities (400V/800V) - high-performance dedicated models and derivative models with reasonable pricing - to meet the diverse needs of customers."
The strategy, called ‘Plan S’, will ultimately cost Kia a huge $US25 billion out to 2025. Kia wants a six per cent operating profit margin by then, with a 10.6 per cent return-on-equity ratio.