Kia made megaplan, will invest 28 billion dollars in gasoline and hybrid vehicles
The company said in a statement that it will continue to strengthen its EV lineup with mass-market models despite lower demand for zero-emission cars. The company plans to gradually launch three new all-electric SUVs – EV3 EV4 and EV5 – in the domestic market early this year. The company is going to invest $28 billion.
Kia said on Friday it will invest 38 trillion won ($28 billion) in future mobility solutions by 2028 while bolstering its gasoline hybrid vehicle lineup amid slowing sales of electric vehicles. Planned investment over the next five years has been revised down from 33 trillion won announced last year.
Kia stated at this year's CEO Investor Day that it anticipates a slowdown in EV sales growth this year as a result of the economy's downturn, a reduction in government subsidies, and a lack of infrastructure for charging EVs, according to Yonhap news agency.
"Facing fierce competition from rivals and growing geopolitical uncertainties, the company will respond flexibly to rapidly changing market trends and turn risks into opportunities," stated Song Ho-sung, Chairman and Chief Executive of Kia.
The company that produces the K5 sedan and Sorento SUV has announced that it will expand its lineup of gasoline hybrid vehicles in the upcoming years. According to Kia's estimates, the percentage of petrol hybrid models in its total vehicle sales would rise to 19% or 800,000 units.
The company said in a statement that it will continue to strengthen its EV lineup with mass-market models despite lower demand for zero-emission cars. The company plans to gradually launch three new all-electric SUVs – EV3, EV4 and EV5 – in the domestic market early this year.
