Kia: Survival Without EVs Is Impossible, Plans 10% Annual Cost Reduction

Kia officials stated during a conference call on October 30 that electric vehicles (EVs) are expected to achieve profitability within 2 to 3 years, similar to hybrids. They emphasized that survival in the European market is impossible without EV sales, and noted that EVs account for over 50% of the Chinese market.
 
They added that in the current early stage of the EV transition, it is crucial to reduce costs and scale up production. Kia plans to implement a strategy to reduce the costs of components such as batteries, motors, and heat pumps by approximately 10% annually over the next three years.