Kia completes first EV factory in South Korea amid slowdown
Kia Corporation, a Hyundai Motor Company brand, completed its first electric vehicle (EV) factory in South Korea amid a slowdown in the industry.
The upgraded factory will launch production with the Kia EV3. It has an annual capacity of 150,000 units. Kia plans to produce the EV4 in the new factory by the second quarter of 2025. The Kia EV4 will be unveiled to the public soon as the company’s first all-electric sedan.
The South Korean automaker renovated its factory in Autoland to build its new EV production facility. Kia’s Autoland complex was built in 1987. Kia spent $304.9 million to renovate the former ICE car production facility. The new EV-dedicated factory used to produce internal combustion engine vehicles, hinting at Kia’s future plans.
“Kia’s Gwangmyeong EV plant is our first step to cement us as an EV-leading brand,” said Kia co-CEO Choi Jun-young. “We will take full responsibility for a sustainable future under our slogan of offering sustainable mobility solutions.”
Kia’s parent company, Hyundai Motor, aims to offer a mixed selection of vehicles by 2030. During Hyundai Motor’s 2024 CEO Investor Day, the company revealed its new strategy to provide a mix of fully electric, hybrid, and hydrogen vehicles by the end of the decade.
Compared to other automakers reporting a slowdown in EV sales, Hyundai and Kia have seen more positive results this year. For example, in August, Kia America reported seeing its EV volume double compared to July 2024. Kia’s EV6 vehicle has been a hit in the industry, along with Hyundai’s IONIQ lineup.
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Source: https://www.teslarati.com/kia-electric-vehicle-factory-south-korea/
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