Kia Motors To Launch A Dedicated EV Model Next Year
- Kia will invest $25 billion by the end of 2025 to establish ‘leadership in vehicle electrification’
- The company is expected to get a 6.6 per cent global market share in the EV space excluding China
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According to a report by Gaadiwaadi, Kia Motors aims to offer 11 battery-powered vehicles by the end of 2025. It revealed ‘Plan S’ strategy that will focus on development in electrification, connectivity, self-driving and mobility services. The report also said that Kia will launch a dedicated battery electric vehicle next year. It will also offer derivative electric models.
The report said that the company is expected to get a 6.6 per cent global market share in the EV space excluding China. The company also has a target of 25 per cent sales share from eco-friendly vehicles. According to the report, Kia expects the global EV market to be strong by 2026 and aims to achieve five lakh annual EV sales.
Invest $25 billion by the end of 2025
The report added that Kia will invest $25 billion by the end of 2025 to establish ‘leadership in vehicle electrification’. It also targets a six per cent operating profit margin and 10.6 per cent return on equity ratio by 2025.
Kia had entered the Indian market five months back. It will introduce selective EV models in the emerging markets. The report said that India will most likely be a part of this process. The company has a production facility in Anantapur, Andhra Pradesh.