Kia plans to invest $28 billion in next-generation mobility solutions

Kia, South Korea’s second-largest carmaker, announced a massive 38 trillion won investment in future mobility solutions by 2028. The company plans on focusing on developing EVs, purpose-built vehicles, advanced air mobility, software-driven vehicles, and robotics. Kia aims to address the slowing sales of EVs by adding more gasoline hybrid models to its lineup.

Kia President and Chief Executive Song Ho-sung emphasized the need to adapt to rapidly changing market trends and turn risks into opportunities. The company plans to increase the ratio of gasoline hybrid models in its total vehicle sales from 12 percent this year to 19 percent by 2028. They will also continue to expand their EV lineup, launching three new all-electric SUVs in the domestic market this year.

In the long term, Kia aims to launch 15 EV models by 2027 and sell 1.6 million EVs globally by 2030. Despite the rising demand for gasoline hybrid vehicles, the company is committed to enhancing its EV offerings. Kia’s goal for this year is to sell 3.2 million vehicles, including 307,000 EVs, which is higher than the units sold last year.

Additionally, in 2023, Kia reported a significant jump in net profit, thanks to an improved product mix, rising average selling prices, and the weak won against the dollar. The company remains focused on innovation and adaptation in response to changing market dynamics and competitive pressures, aiming to secure its position in the evolving automotive industry.