Kia has updated its earlier announced “roadmap to lead global electrification” saying its “enables [us] to proactively respond to uncertainties in the mobility industry landscape, including changes in the EV market”.

It would continue to expand its EV line with more models but would now “enhance” its hybrid (HEV) line “to manage fluctuation in EV demand”.

The goal to sell 1.6m EVs a year in 2030 and introduce 15 new models remains.

Kia said electric Purpose Built Vehicles (PBVs) would “play a key role” in its growth, as it targeted 250,000 sales annually by 2030 with its PV5 and PV7 models.

The automaker would invest KRW38 trillion by 2028, including KRW15 trillion for future business.

For the 2024 financial year, Kia expects to book KRW101tln in revenue, KRW12tln operating profit plus an operating profit margin of 11.9% on sales of 3.2m vehicles worldwide.

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Kia reiterated its 2030 annual sales target of 4.3m units, including 1.6m EVs.

That target is 34.4% higher than the 2024 goal of 3.2m.

The company planned to sell a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, and projected electrified model sales of 2.48m units annually or 58% of total sales in 2030.

“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” president and CEO said at an investor day.