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Business News/ Auto News / Kia unveils compact electric SUV EV5 and concept EVs, aims for affordable EV market expansion
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Kia unveils compact electric SUV EV5 and concept EVs, aims for affordable EV market expansion

Kia showcases concept vehicles EV3 and EV4, aiming to promote broader adoption of electric cars.

A Kia Corp. EV4 concept electric vehicle (EV) at the company's EV Day in Yeoju, South Korea, on Thursday, Oct. 12. 2023. (Bloomberg)Premium
A Kia Corp. EV4 concept electric vehicle (EV) at the company's EV Day in Yeoju, South Korea, on Thursday, Oct. 12. 2023. (Bloomberg)

Kia Corp. introduced a compact electric sport-utility vehicle and revealed two concept EVs as part of its expansion into more affordable models to cater to cost-conscious drivers.

As per Bloomberg, during an event called EV Day on Thursday, Kia unveiled the EV5, which is targeted towards millennial families. In the Chinese market, the standard version will feature a 64-kilowatt-hour battery providing a range of 530 kilometers (330 miles), while the long-range model equipped with an 88kWh battery will achieve 720 kilometers per charge.

For the Korean market, Kia will offer models with slightly smaller batteries and adapt the driving range to meet local demands, according to the company's statement.

The EV5 is equipped with dual 12.3-inch (31-centimeter) screens for both instrument displays and infotainment, along with a 5-inch climate control display. In the Chinese variant, it will feature a front bench seat, and the rear seat can be folded flat, converting it into a bed. 

Additionally, there's a 4-liter (1.1 gallon) refrigerator and warming unit for food and beverage storage. Production of these vehicles is scheduled to commence around 2025 at facilities in China and Korea.

Reportedly, Kia also showcased a pair of concept vehicles: the EV3, a compact iteration of its flagship EV9, and the EV4, a four-door sedan with a sporty appearance. These three models are integral to Kia's strategy to introduce more affordable EVs, with price points ranging from $35,000 to $50,000, aimed at promoting the broader adoption of electric cars. Additionally, the highest-tier models will be available for up to $80,000.

Kia's smaller EVs serve as the brand's "entry point for customers" seeking cost-effective electric vehicles that offer affordability and convenient charging solutions, as stated by Chief Executive Officer Ho Sung Song during the EV Day event in Yeoju city, located in the southeastern part of Seoul. The company's objective is to achieve sales of 1.6 million electric vehicles by 2030.

To achieve this goal, Kia has set a target to establish eight production facilities by 2025. Within Europe, the company's focus will be on the production of small- and medium-sized EVs, while in China, the emphasis will shift towards manufacturing mid- and large-sized vehicles. In the Indian market, Kia intends to concentrate on the development of "strategically designed EV models tailored for emerging markets," as mentioned by Song, though specific details were not provided.

Song emphasized the necessity to extensively explore avenues for reducing EV prices. He stated, "This is very important for us; how we can make the vehicles below around $25,000 in the market."

 

 

(With inputs from Bloomberg)

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Published: 12 Oct 2023, 05:29 PM IST
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