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Kia Motors announces 'Plan S' strategy to spearhead transition to EV, mobility solutions by 2025

2020-01-14 20:46 601

  • Kia to offer 11 EVs by 2025, targeting a 6.6% global EV market share
  • Kia to launch a dedicated EV model in 2021
  • Kia to reach 25% share of its sales from eco-friendly vehicles by end of 2025
  • Global annual sales target of 500,000 EVs, 1 million eco-friendly vehicles by 2026
  • Mobility products and services to prioritize customer value
  • Kia to enhance profitability by improving existing businesses and leadership in future businesses
  • Kia to enter PBV market for corporate customers, offer customized PBVs
  • Kia to invest 29 trillion won (US $25bn) by 2025
  • Company targets 6% operating margin and 10.6% ROE in 2025
  • CEO Han-woo Park: "Kia Motors will transform itself into a ceaselessly innovative brand by accelerating its bold and preemptive transition to future businesses"

SEOUL, South Korea, Jan. 14, 2020 /PRNewswire/ -- Kia Motors Corporation has announced today details of 'Plan S', its mid- to long-term strategy aimed at progressively establishing a leadership position in the future automotive industry, encompassing electrification and mobility services, as well as connectivity and autonomy.

Han-woo Park, Kia Motors President and CEO
Han-woo Park, Kia Motors President and CEO

The Plan S strategy outlines Kia's preemptive and enterprising 'shift' from a business system focused on internal combustion engine vehicles toward one centered on electric vehicles and customized mobility solutions. The company's ongoing brand innovation and profitability enhancement will support the two-track Plan S strategy targeting the shift toward electric and autonomous vehicles as well as mobility services.

Alongside Kia's 2025 financial and investment strategy, details of Plan S were announced to shareholders, analysts and credit-rating agencies at the company's CEO Investor Day in Seoul today.

By the end of 2025, Kia plans to offer a full line-up of 11 battery electric vehicles. With these models Kia is looking to achieve a 6.6% share of the global EV market (excluding China), while also attaining a 25% share of its sales from its eco-friendly cars. With the global EV market expected to gain strength by 2026, Kia is aiming for 500,000 annual EV sales and global sales of 1 million eco-friendly vehicles (excluding China).

For more information about Plan S, please visit Kia's media website: kianewscenter.com

Photo - https://photos.prnasia.com/prnh/20200114/2691835-1?lang=0

Source: Kia Motors Corporation
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