Kia will launch a bespoke new EV in 2021 as part of a £19 billion strategy to transition to a maker of electrified vehicles and mobility solutions within the next five years.
So-called Plan S is hoped to help the Korean firm establish “a leadership position in the future automotive industry”. It details planned new models, investment strategies and sales targets.
Kia's all-new battery-electric car will arrive in 2021 in line with an ambition to offer a “full EV line-up of 11 models and reach a 6.6 % global EV market share by 2025”. Full details are yet to be confirmed, but the model will sit atop a bespoke new platform and is claimed to offer a range of more than 310 miles.
Kia also confirmed it will feature a “crossover design which blurs the boundaries between passenger and sports utility vehicles”, suggesting it will be closely linked to the Imagine by Kia concept revealed last year.
The model is said to be capable of charging in less than 20 minutes with a high-speed 800V charger, but a 400V system will be fitted to other derivative models in Kia’s future EV line-up to allow for more varied pricing.
Kia plans for EVs to account for 20% of its total sales in developed markets (South Korea, North America and Europe) by 2025. It will continue to promote conventionally fuelled cars in developing regions before gradually introducing electric models.
This approach is anticipated to allow Kia to incorporate specific market demands at the product planning stage and therefore better tailor each model according to region.
The company is aiming to achieve a 6% operating profit margin by 2025. It expects that high-margin SUV models will account for 60% of all sales outside China by 2022, helping to fund development of future technology and models.