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Hyundai Motor Company and Kia Corporation have each unveiled their strategic roadmaps to accelerate their electrification ambition and become leaders in sustainable mobility.
Kia’s roadmap builds on its ‘Plan S’ strategy first announced in 2020 and reveals further details on how the company will achieve its vision to become a Sustainable Mobility Solutions Provider.
Kia also announced its four key business targets for 2030. These core business aims include:
- accelerating electrification and achieving annual sales of 1.2 million battery electric vehicle (BEV) units by 2030;
- reaching 4 million annual vehicle sales by 2030, including over 2 million eco-friendly models;
- expanding the application of connected car feature and autonomous driving technologies to all new vehicles;
- and become the number one brand in the global purpose-built vehicle (PBV) market by 2030.
Ho Sung Song, President and CEO of Kia Corporation, says “Kia has been undergoing a full-scale transformation which has included changes in corporate vision, logo, product and design, and strategy.”
“To achieve the company’s vision of becoming a Sustainable Mobility Solutions Provider,” he adds, we will focus on accelerating the transition to future business models. We will become even more customer-centric in our approach and pursue a dynamic transformation while maintaining sound business operations.”
During the two years since first revealing its Plan S strategy, Kia has developed into a leading global electric vehicle (EV) brand while recording its highest ever gross revenue and operating profit in 2021. Kia aims to continue this positive momentum to create further value in both qualitative and quantitative aspects from 2022 onwards.
Starting in 2023, Kia plans to launch at least two BEVs per year and build a full line-up of 14 BEVs by 2027. Compared to its previous plan to release 11 models by 2026, Kia will add two electric pickup trucks – a dedicated electric pickup truck and a strategic model for emerging markets – and an entry-level BEV model.
On the other hand, the roadmap for Hyundai’s battery electric vehicle (BEV) is supported by strengthening BEV line-ups, optimising manufacturing capacity, and securing hardware and software competitiveness.
Under the plan, the company aims to boost annual global BEV sales to 1.87 million units and secure a 7 percent level of global market share by 2030.
By 2030, Hyundai also targets to achieve an operating profit margin of 10 percent or higher in EV businesses by enhancing competitiveness in hardware and software capabilities with an expanded line-up. On a consolidated basis, it aims to secure an operating profit margin of 10 percent.
“Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic,” says President Chang.
“Along with our seamless efforts to improve EV value, Hyundai Motor will continue to secure its business sustainability as a ‘Mobility Solutions Provider’ through advanced technologies of not only hardware but also software,” he adds.
Hyundai Motor raised the annual BEV sales target to 1.87 million units by 2030 from previously announced 560,000 units by 2025. The company aims to take 7 percent market share in the overall global BEV market.
Hyundai plans to introduce 11 Hyundai BEV models by 2030 as it seeks to expand BEV spectrum.
The new Hyundai BEV models will include three sedan models, six SUVs, one light commercial vehicle as well as one new type model. This year, Hyundai begin sales of IONIQ 6, followed by IONIQ 7 in 2024.
Keyword: Kia and Hyundai look towards the future of mobility