Kia is gearing up for a significant shift in its product lineup to meet the diverse demands of consumers. At their Investor Day 2024, Kia’s President
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Kia, the Korean carmaker, showcased its strategic vision for the Indian market at Investor Day 2024, emphasising the necessity of catering to diverse consumer demands in a country as varied as India. Ho-Sung Song, President and CEO of Kia, outlined the company’s plan to launch two dedicated models in emerging markets to meet these diverse demands, with the Kia Carens EV expected to be one of the contenders.
A key announcement was the upcoming launch of the EV9, Kia’s flagship electric vehicle, for the Indian market in 2024. Song explained that Kia’s EV lineup strategy involves launching flagship EV models first, followed by mass-market models to enhance consumer accessibility.
Reports suggest that Kia India is likely to introduce the Carens-based EV, codenamed KY-EV, in the second half of 2025, followed by a compact mass-market SUV EV codenamed AY-EV. Together, these models are expected to achieve sales volumes of about 50,000 to 60,000 units by 2026, with mass-market models accounting for 66 per cent of total EV sales by that year.
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Kia plans to continue its growth in key markets by building a full EV lineup, enhancing product competitiveness, and creating new demand using Purpose-Built Vehicles (PBVs). In emerging markets, Kia aims to differentiate the brand by offering high-quality customer experiences and diversifying manufacturing bases to meet increasing demand.
Globally, Kia has decided on a total of 15 EV models for its 2027 lineup. The company is set to significantly expand its electric vehicle lineup, starting with the launch of the EV3 this year. Following this, Kia will introduce the EV2, EV4, and EV5, bringing the total number of mass-market models to six across major markets.
Interestingly, Kia has eyes on an ambitious EV sales target of 1.6 million units by 2030. Achieving this goal will require a substantial increase of 1.3 million units from its 2024 sales figures. The proportion of EV sales in major markets is expected to grow from 13 per cent in 2024 to 52 per cent by 2030, with the Korean and North American markets reaching up to 40 per cent, and Europe up to 79 per cent. Meanwhile specific details regarding Indian market volumes or penetration were not provided.
First Published Date: 07 Apr 2024, 09:39 AM IST