Kia launched on Thursday the company’s first compact electric sports utility vehicle built on its dedicated EV platform, betting it can win over buyers through competitive pricing even as momentum in the global EV market stalls.
The EV3 is one of more than 31 electric models that Hyundai Motor Group — which includes Hyundai, Kia and premium brand Genesis — plans to introduce in the period through to 2030. Kia said in April that it aims to sell about 1.6-million EV units in 2030.
Kia President Song Ho Sung said the South Korean carmaker aimed to price the EV3, based on the dedicated Electrified-Global Modular Platform (E-GMP), in a $35,000 (R644,081) to $50,000 (R919,797) range.
“Mainly the barriers are pricing issues and charging infrastructure. And we are making the EV3 very much accessible to our customers with the pricing level that customers are expecting for our vehicle,” Song told reporters at a press conference ahead of the launch.
In October, Kia said it intended to develop a wide range of EV models priced between $30,000 (R551,878) and $80,000 (R1,471,676), including smaller EVs like the EV5, EV4, and EV3.
In comparison, Volvo Cars last year launched its EX30 electric compact SUV with a starting price of around €36,000 (R718,257) as the Swedish brand owned by China’s Geely also targets cost-conscious consumers.
The launch of the EV3 comes as consumer demand for hybrid vehicles has surged, while EV sales have been cooling.
In the first quarter, Kia’s hybrid sales rose about 31% from a year earlier to 93,000 units, while its EV sales increased 8% to 44,000 units.
By addressing Kia EV demand, the company positions itself as a key player in the electric vehicle market.
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