2023 CEO Investor Day: Kia accelerates EV transition with target of 1.6 million EV sales by 2030

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Apr 05, 2023, 01:11 ET

- Kia to continue its four core strategies to transform into a 'Sustainable Mobility Solutions Provider'

① Global sales: 2030 global sales goal of 4.3 million units

② Electrification: Annual EV sales goal of 1.6 million units by 2030 with 15 EV models by 2027

③ Product Strategy: Kia to apply connectivity to all new models by 2025

④ Purpose-Built Vehicles (PBV): To establish a tailored business structure and offer an integrated solution for PBV; launch a dedicated PBV in 2025

- 2030 financial targets: gross revenue of KRW 160 trillion, operating profit KRW 16 trillion, operating profit margin of 10%

- Kia to invest KRW 32 trillion won over next five years, with 45% dedicated to future business areas

SEOUL, South Korea, April 5, 2023 /PRNewswire/ -- Kia Corporation (Kia) today provided an update on its future strategies through the Kia CEO Investor Day event held in Seoul, Korea.

Kia has updated its mid- to long-term business strategy with a focus on electrification. Kia's updated 2030 annual sales target is 4.3 million units, of which 2.38 million units will be electrified vehicles. The financial targets have also been increased to KRW 160 trillion in gross revenue, 16 trillion won in operating profit and 10 percent in operating profit margin.

Kia CEO Investor Day (PRNewsfoto/Kia Corporation)

Kia first unveiled its mid- to long-term strategy entitled 'Plan S' in 2020, which focuses on a pre-emptive transformation towards an EV-focused business and providing customized mobility solutions. Since then, Kia has held a CEO Investor Day every year to present updates on the company's future vision and goals.

During the 2023 CEO Investor Day, Kia announced updated goals and specific details of its business strategy. Kia's 2030 global sales target of 4.3 million units is 34.4 percent higher than its 2023 annual sales target of 3.2 million units. It also plans to become a leading EV brand by raising the proportion of electrified car sales to 55 percent (2.38 million units) in 2030. This is a 7.5 percent (300,000 units) increase from the 2030 target announced in 2022, while the global sales target for electrified vehicles has increased by 15.5 percent (320,000 units).

"In 2021, Kia went through a full-scale transformation of its corporate name, logo, product and design, as well as corporate strategy. As a result, our brand value has improved significantly, helping us to win a number of 'Car of the Year' awards in key markets," said Kia President and CEO Ho Sung Song. "In order to become a Sustainable Mobility Solutions Provider, Kia needs to continue its efforts to strengthen Kia brand identity and establish an innovative and customer-centric business model."

For more information about Kia, please visit: www.kianewscenter.com

SOURCE Kia Corporation