On Thursday, Kia Corp (000270. KS) showcased three new small-to-medium-sized electric vehicles (EVs) to further its electrification strategy. In an all-out effort to meet its sales goal of one million electric cars (EVs) by 2026, the South Korean carmaker announced it planned to launch two electric compact sports utility vehicles (SUVs) – the EV5 and EV3 – and an electric sedan – the EV4.
The EV5, EV4, and EV3 are smaller EVs that Kia said it hopes to introduce with costs between $35,000 and $50,000. Kia said it expects to build a wide variety of EV cars priced from $30,000 to $80,000.
Kia announced its plans to introduce the EV5, the third entirely electric vehicle in its lineup after the EV6 and EV9, in South Korea in 2025 during a presentation to the media. According to Kia, the EV5 will be manufactured in China and South Korea, with the battery types used in each country differing. According to Kia President Song Ho Sung, EV5s sold in China use lithium-phosphate-iron (LFP) batteries, whereas EV5s marketed in South Korea will use more costly nickel-cobalt-manganese (NCM) batteries.
According to a statement from Kia, the EV5 will have a maximum driving range of 720 kilometers (447 miles) in China. The vehicle will also feature fast-charging capabilities, charging the battery from 30% to 80% capacity in just 27 minutes.
The EV5’s precise driving range for South Korea was not made public by Kia, but the company did say that it will be adjusted to the market’s needs. The EV industry is growing from one catering to a smaller early-adopter group to one serving a more expansive mainstream majority of consumers. According to the head of Kia’s Global Business Planning Sub-Division, Spencer Cho, “Our competitive, expanding EV line-lineup hasten the adoption of electric vehicles and give consumers more options.”
According to analysts, Kia’s initiative to provide more reasonably priced EVs is reasonable, given that more and more automobile consumers are seeking inexpensive EVs. According to Lee Jae-il, an analyst at Eugene Investment & Securities, consumer demands for more inexpensive EVs have greatly increased. “While those early adopters have preferred more expensive premium electric vehicles, as EVs have become more popular among the more general public, consumer needs for more affordable EVs have significantly grown,” he said.
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