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Jan. 14, 2020, 7:44 a.m. EST

Kia Motors announces 'Plan S' strategy to spearhead transition to EV, mobility solutions by 2025

Han-woo Park, Kia Motors President and CEO

  • Kia to offer 11 EVs by 2025, targeting a 6.6% global EV market share

  • Kia to launch a dedicated EV model in 2021

  • Kia to reach 25% share of its sales from eco-friendly vehicles by end of 2025

  • Global annual sales target of 500,000 EVs, 1 million eco-friendly vehicles by 2026

  • Mobility products and services to prioritize customer value

  • Kia to enhance profitability by improving existing businesses and leadership in future businesses

  • Kia to enter PBV market for corporate customers, offer customized PBVs

  • Kia to invest 29 trillion won (US $25bn) by 2025

  • Company targets 6% operating margin and 10.6% ROE in 2025

  • CEO Han-woo Park: "Kia Motors will transform itself into a ceaselessly innovative brand by accelerating its bold and preemptive transition to future businesses"

The Plan S strategy outlines Kia's preemptive and enterprising 'shift' from a business system focused on internal combustion engine vehicles toward one centered on electric vehicles and customized mobility solutions. The company's ongoing brand innovation and profitability enhancement will support the two-track Plan S strategy targeting the shift toward electric and autonomous vehicles as well as mobility services.

Alongside Kia's 2025 financial and investment strategy, details of Plan S were announced to shareholders, analysts and credit-rating agencies at the company's CEO Investor Day in Seoul today.

By the end of 2025, Kia plans to offer a full line-up of 11 battery electric vehicles. With these models Kia is looking to achieve a 6.6% share of the global EV market (excluding China), while also attaining a 25% share of its sales from its eco-friendly cars. With the global EV market expected to gain strength by 2026, Kia is aiming for 500,000 annual EV sales and global sales of 1 million eco-friendly vehicles (excluding China).

For more information about Plan S, please visit Kia's media website: kianewscenter.com

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SOURCE Kia Motors Corporation

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