Kia Shares Business Plans During 2024 CEO Investor Day

The Kia Corporation (Kia) recently held its CEO Investor Day in Seoul, Korea to share its business plans for this year (2024) and the rest of the decade (2030). Continuing the automaker’s plans to become a leading electric vehicle brand and a better player in the supply vs demand, Kia won’t just focus on battery-electric vehicle (BEV) design and production. The automaker will continue to produce hybrid electric vehicles (HEV) as well as plug-in hybrid electric vehicles (PHEV) alongside BEVs as it continues to strengthen its lineup in various ways.

“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider…By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.” – Ho Sung Song, Kia President and CEO

2024 Goals

Kia has been very busy lately launching BEV concepts and announcing new models. Last year (2023) we got a preview of the Kia EV5, Kia EV4, Kia EV3, and then the Kia EV8 this year (2024). Returning from the depths of the rumor mill, the new K4 sedan finally made a splash during the 2024 New York International Auto Show (NYIAS). For 2024, Kia intends to move forward with the EV3 and officially launch the K4 sedan, followed by the K8 sedan and a K3 five-door hatchback.

Enhancing New Lineup

As noted, Kia won’t just be focusing on its BEV lineup. Also a strong player for HEVs and PHEVs, Kia has been expanding the lineup for several models by introducing electrified versions. With plans to strengthen its hybrid electric vehicle (HEV) line-up from six models in 2024 to nine models by 2028, the EV2, EV3, EV4, and EV5 will be joining the lineup with both BEVs and ICE vehicles being manufactured on a global scale. It’s not just powertrains getting a change, either. Kia Connect is a connected service platform the automaker has launched in the latest new models, currently focused on advanced driver assistance systems (ADAS), but plans to expand to an app store consumers can download to personalize and enrich their consumer experience.

Four Core Goals

The four core goals for the rest of the decade still include becoming a leader in the BEV market with a full BEV lineup, and an annual sales target of 4.3 million units with more than half coming from HEVs, PHEVs, and BEVS. Kia still wants to keep true to its expansion of EV models with 15 electrified models by 2027, and like all automakers going electric, wants to upgrade BEV technology for more energy density, better performance, and a longer driving range. Its part in the IONNA joint venture will also help make BEVs and PHEVs more practical for the current market. Kia changed the meaning of PBVs when it introduced its module-based platform-based vehicles, and already has plans to launch two PBVs, the initial ride-hailing PV5 by 2025, and then moving onto the more commercial PV7 by 2027. The fourth goal has to do with finding more renewable energy sources the company can use in its but also build an eco-friendly manufacturing environment. Over the next two decades, Kia has the target goals of 66 percent by 2030, 82 percent by 2035, and 100 percent by 2040.

And as always, making sales targets and driving down the competition in other markets was a large part of 2024 CEO Investor Day. At the end of the day, money makes the world go round. It’s just not as fun to talk about as all these cool new concepts coming up. If you want to follow along and learn more about what Kia is working on next, join us on Miami Lakes Automall social media.

Photo Source/Copyright: Kia Media