Kia Motors reveals its future road map for EVs with 'Plan S’
Details of Plan S strategy were announced to Kia's shareholders, analysts and credit-rating agencies at the company's recently-held CEO Investor Day in Seoul. To meet the objectives of Plan S, Kia Motors is planning to invest around $25 billion by the end of 2025.
By Divyank K. Bansal
Two key objectives of Kia's Plan S include concentration on popularising EVs in emerging markets and expansion of mobility services based on electric & autonomous vehicles.
Kia Motors has revealed its future road map that involves a 'preemptive' shift from the brand's current focus on internal combustion technology to a renewed focus on electrification of its products a well as the promotion of customised mobility solutions centred on electric & autonomous vehicles. All this will be executed under what Kia is referring to as the 'Plan S' strategy, details of which were announced to Kia's shareholders, analysts and credit-rating agencies at the company's recently-held CEO Investor Day in Seoul.
Sharing his thoughts on Plan S, Mr Han-Woo Park (President & CEO) of Kia Motors said, '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...Plan S is a bold and enterprising roadmap for Kia’s future business transition, buttressed by the two pillars of electric vehicles and mobility solutions. Our approach is to put customers first, and Kia will reinvigorate its brand innovation by developing products and services that offer new experiences for customers.'
To meet the objectives of Plan S, Kia Motors is planning to invest around $25 billion by the end of 2025 that'll help it create an 11-vehicle EV line-up by the end of the year. The line-up will include an all-new EV model that's expected to make its commercial debut next year. With this line-up, Kia wants to achieve a 6.6% share in the global EV market (excluding China) and a 25% share of its overall sales from its green vehicles. This, as per Mr Park, should reflect in annual sales figures of around 5,00,000 EVs and a target of selling of 1 million EVs by 2026.
Alongside the EV portfolio expansion, Kia will also include the promotion of EV & autonomous vehicle-based mobility services in its new business model. At present, Kia sells two hybrid models (Optima & Niro) and two electric models (e-Soul & e-Niro).
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