SEOUL (dpa-AFX) - Kia Motors Corp. (KIMTF.PK) said it plans to offer a full line-up of 11 battery electric vehicles, by the end of 2025. It looks to achieve a 6.6% share of the global EV market, excluding China. The EV model to be launched 2021.
The company plans to invest about 29 trillion won or US$25 billion by the end of 2025 to develop the electric vehicles and and diversify its business. It targets a 6% operating profit margin and 10.6% return on equity ratio by the end of this period.
It aims to reach 25% share of its sales from eco-friendly vehicles by end of 2025. Kia also aims for 500,000 annual EV sales and global sales of 1 million eco-friendly vehicles, excluding China, by 2026.
The company plans to operate two different types of EVs with different charging capabilities (400V/800V).
Kia will diversify its business to offer eco-friendly mobility services centered on electric and autonomous driving across major global cities. It will also enter the Purpose Built Vehicle (PBV) market.
In the long term, the company aims to operate self-driving robotaxis and on-demand roboshuttles in urban centers that also operate the Mobility Hubs.
The sales ratio of SUVs, which currently stands at 50% of all models, is expected to rise to 60% by 2022, excluding the China market.
Copyright RTT News/dpa-AFX
© 2020 AFX News
