Kia Confirms PBV Van Launch, Targets 250,000 Annual Sales • Professional Download

Kia PBV Investor Day 2024 Professional Van 01


Kia revealed the overall strategy at the 2024 CEO Investor Day, held in Seoul. It emphasized its Platform Beyond Vehicles (or van) range, confirmed new PBV models and window launches, and targeted an ambitious sales figure of 250,000 units by 2030.

This strategic focus is part of Kia's broader vision to evolve into a 'Mobility Solutions Provider' and strengthen its position in the global era of electrification.

While Many of the upcoming commercial vehicles were announced earlier this year, Kia has confirmed two key PBV models, the PV5 and PV7, scheduled for release in 2025 and 2027, respectively. The PV5, a midsize pickup that will compete with the Ford E-Transit Custom, and the PV7, a larger E-Transit-sized model, are expected to contribute to Kia's growth, with global sales targets of 150,000 units of the PV5 and and 100,000. Parts of PV7.

PBVs will be produced at Kia's EVO Plant in Hwaseong, South Korea, uses a flexible production system designed to adapt to market demand efficiently. Kia says this flexibility underscores its commitment to innovation and ability to continuously respond to the evolving automotive industry.

Ho-sung Song, CEO of Kia Motors Corporation, confirmed the launch window for the PBV
Ho-sung Song, CEO of Kia Motors Corporation

Kia's PBV strategy extends beyond traditional consumer markets, aiming to tap into both the Business-to-Business (B2B) and Business-to-Consumer (B2C) segments. The company plans to use the various materials and new features of its PBVs to create new sales needs, especially in the B2B sector, which requires vehicles designed for various business purposes. Additionally, Kia aims to stimulate B2C demand, further diversifying its market presence.

To support its ambitious goals, Kia has made a major investment of KRW 38 trillion (£22.1 billion) by 2028, and KRW 15 trillion (£8.7 billion) has been allocated to future business plans, including the development of PBV. This investment reflects Kia's desire to gain a leading position in the rapidly evolving automotive industry, focusing on electrification, sustainability, and mobility solutions.

The strategic importance of PBVs to Kia's business model is evident as the company tries to navigate the uncertainty that pervades the industry, combating the proliferation of competing brands – in particular. from China – and adapt to market fluctuations.

Phil Huff
Phil Huff's latest post (see all)



Professional Pickup

Source link