Mubasher: South Korea's automobile manufacturer Kia Motors Corporation announced its mid- to long-term strategy, ‘Plan S’, which aims to strengthen the company’s leading position in the future automotive industry.
Under its strategy, the car maker will invest a total of KRW 29 trillion ($25 billion) by the end of 2025 to facilitate its transition into a leader in vehicle electrification and diversify its business, according to a statement on Tuesday.
By the end of 2025, Kia aims to achieve a 6% operating profit margin and 10.6% return on equity (ROE) ratio.
Kia Motors is looking to offer a full line-up of eleven battery electric vehicles (EV), targeting a 6.6% share of the global EV market, excluding China, along with a plan to achieve 25% of its sales from eco-friendly vehicles by end of 2025.
By 2026, the South Korean auto manufacturer aims to achieve 500,000 annual EV sales as well as 1 million eco-friendly vehicles, excluding China.
“Plan S is a bold and enterprising roadmap for Kia’s future business transition, buttressed by the two pillars of electric vehicles and mobility solutions. Our approach is to put customers first, and Kia will reinvigorate its brand innovation by developing products and services that offer new experiences for customers,” president and CEO of Kia Motors, Han-woo Park, said.