• Kia unveiled a small electric SUV and two EV concept cars, targeting budget-conscious buyers.
• The EV5, for millennial families, debuted on “EV Day” with two battery options and an impressive range.
• Kia and Hyundai jointly sold around 374,000 EVs in the first eight months of 2023.

KIA has showcased a small electric SUV and two electric vehicle (EV) concepts, aiming to provide more budget-friendly options for cost-conscious buyers.

The EV5, tailored for millennial families, was introduced on “EV Day.” In China, the base model will come with a 64-kilowatt-hour battery, offering a 530-kilometer range, while the extended-range version will have an 88-kilowatt-hour battery, delivering an impressive 720 kilometers per charge.

KIA introduced two concept cars alongside the EV9 flagship: the compact EV3 and the sportier four-door sedan EV4. Kia’s aim is to offer smaller, more budget-friendly electric vehicles, with prices spanning from $35,000 to $50,000, making EV adoption more accessible. Premium models might cost up to $80,000.

KIA’s ambition is to reach a sales target of 1.6 million EVs by 2030. To accomplish this, the company intends to have eight production sites operational by 2025. In Europe, KIA will emphasize the production of small and medium-sized EVs, while mid- and large-sized vehicles will be manufactured in China. For the Indian market, KIA plans to introduce EV models customized for emerging economies.

KIA is exploring various sales strategies to reduce EV costs, including the possibility of selling vehicles without batteries, which customers could rent separately. The anticipated reduction in battery prices by 2025 is expected to make EVs more budget-friendly.

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In the initial eight months of 2023, KIA and Hyundai Motor jointly sold approximately 374,000 EVs, positioning them at the seventh spot on a global scale. Nevertheless, their collective market presence in the global EV market, encompassing both electric and plug-in hybrid vehicles, has dipped to 4.3% this year from 5.4% in 2022, primarily due to the expansion of China’s BYD.