Kia Motors is gearing up to launch its new low-cost electric vehicle, the EV4, with production slated to begin in early 2025 and an ambitious target of manufacturing 70,000 units annually to meet rising demand for affordable EVs, Reuters reported.
Unveiled last October as part of Kia’s expanding lineup of mass-market electric vehicles, the EV4 is positioned by Kia as a vehicle that “redefines the electric sedan,” according to the automaker.
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Building on the recent launch of the EV3 in Korea, where orders have commenced starting at approximately $30,700 (KRW 42.08 million), Kia aims to sell 18,000 units of the EV3 by the end of 2024. Plans are also in place for the EV3 to enter European and US markets next year, further expanding Kia’s footprint in the electric vehicle sector.
With a price expected to range between $30,000 to $35,000, the EV3 is anticipated to be one of the most competitively priced EVs in its segment. Production in Mexico, coupled with federal incentives such as EV tax credits, could potentially drive prices even lower, enhancing its affordability for consumers.
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Following the sequential rollout strategy outlined by Kia, production of the EV4 is scheduled to commence in March 2025 at Kia’s Gwangmyeong Plant 2, following the completion of development in February. The EV4, which has already been spotted testing in various markets after the production of its first prototype last month, is expected to fill a market gap with its distinctive design and competitive pricing.
Kia anticipates an annual production volume of 70,000 units for the EV4, complementing the 100,000 units of the EV3 to achieve a combined production target of 170,000 electric vehicles per year. There are also considerations for overseas production of the EV4 to optimize global supply and distribution.
Ahead of its official market debut, the EV4 has been generating buzz following recent sightings in the wild, showcasing its unique rear-end design. The vehicle will integrate Kia’s latest software and connectivity technologies, including the new ccNC infotainment system, aimed at enhancing user experience and functionality.
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Kia’s strategic push into the electric vehicle market underscores its commitment to accelerating the EV Revolution and expanding its EV lineup to include 15 electric models by 2027. The EV4 is expected to enter markets sequentially starting in Korea, followed by Europe, the US, and other global regions, where it will compete directly with models like the Tesla Model 3 and Hyundai IONIQ 6 in the electric sedan segment.
Kia has set a target to sell 307,000 EVs in 2024 and aims to ramp up sales to 1.6 million units by 2027, reflecting its aggressive growth strategy in the evolving electric vehicle market landscape.
