Kia to target 1 million electric car sales yearly by 2026 in $36b ‘Plan S’ strategy

The Driven

South Korean carmaker Kia will aim to sell one million electrified vehicles annually by 2026, half of which it aims to be all-electric, in a new $29 trillion won ($A36.26 billion) ‘Plan S’ strategy announced today.

The “pre-emptive” shift to focus on electric vehicles will see the carmaker introduce 11 new electric vehicle (EV) models with the aim of reaching a 6.6% EV global market share by 2025, including one dedicated all-electric model.

In developed markets, it is aiming for a 20% EV market share, such that every one in five electric vehicles on the road by 2025 will be a Kia.

“As the auto industry undergoes turbulent changes, today is also an opportune time for Kia Motors to radically transform itself into a global enterprise dedicated to spearheading customer value-led innovations,” said Kia Motors President and CEO Han-woo Park to shareholders and analysts at the company’s CEO Investor Day in Seoul today.

“Kia Motors will actively innovate to take on the challenges ahead, identifying and capitalizing on new opportunities to propel the company forward.”

The dedicated electric model will be introduced in 2021 and will take the form of a crossover “which blurs the boundaries between passenger and sport utility vehicles”, and will have a driving range of more than 500km and charge in less than 20 minutes, says Kia.

Ten more electric versions of existing models including sedans, SUVs and MPVs will be launched starting 2022.

To read the full story on RenewEconomy’s electric vehicle dedicated site, The Driven, click here…