Representing the brand’s vision of becoming a sustainable mobility solution provider that goes beyond the traditional concept of the automobile, the PBV is a powerful combination of purpose-built electric vehicles with advanced software technology designed to open the door to new business and lifestyle activities – by reimagining the concept of space with an advanced, adaptable interior that offers flexibility and freedom.

South Korea’s second-largest automaker has revealed plans to sell 3.2 million electric vehicles globally this year and increase that number to 4 million by 2027 and 4.3 million by 2030.

Kia said that of its total sales, eco-friendly vehicles, including electric vehicles and hybrid electric vehicles (HEVs), are expected to sell 761,000 units in 2024, accounting for 24% of total sales, and by 2030, the company expects to sell 2.48 million units, accounting for 58%. Kia also aims to sell 307,000 electric vehicles in 2024 and 1.6 million in 2030.

Kia CEO Song Ho-sung said the automaker plans to respond flexibly to market changes and actively manage risks amid intensifying competition and growing geopolitical difficulties.

Song Ho-sung added that since the relaunch of the brand in 2021, Kia has undergone various changes across its entire business, including the establishment of a groundbreaking electric vehicle lineup and the introduction of a customer-centric future of mobility. “We aim to become a brand that responds quickly to market changes and implements a tangible mid- to long-term strategy that can contribute to customers, communities, and beyond to global society and the environment,” Song said.

Kia expects the growth of the global EV market to slow through 2026 due to a sluggish economy, reduced EV subsidies, and a lack of charging infrastructure. In its quest for a breakthrough, the company will offset the decline in EV demand by expanding its HEV lineup and introducing more affordable EVs. It also plans to counter the global expansion of Chinese brands by enhancing product competitiveness, launching PBV models, and creating new demand using its plants in China.

Specifically, Kia plans to operate HEV models on most of its flagship models, including the company’s popular HEV minivan launched in 2023, with 6 models in 2024, 8 models in 2026 and 9 models in 2028. In key markets such as Korea, North America and Europe, Kia plans to introduce a total of 6 affordable models, starting with the EV3, followed by the EV2, EV4 and EV5.

The automaker is also ramping up its Highway Driving Assist (HDA) and plans to expand its offering of autonomous driving software suitable for urban driving around 2026. From a governance perspective, Kia said it will maintain its dividend payout ratio at 20% to 35% of net income.

In addition, Kia plans to buy back 500 billion won ($370 million) worth of shares annually over the next five years to improve capital efficiency.