Kia wants to change the game with a series of cheaper EVs set to hit the market. Several are already rolling out, like the new EV3, but Kia aims to lower the bar further with a new entry-level EV, starting around $22,200 (€20,000). On the other end of its EV lineup, Kia is eyeing a new Stinger GT-like model.
We got our first glimpse into Kia’s electrifying future during its first annual EV Day last October. Kia revealed several new low-cost concepts, including the EV3, EV4, and EV5.
Kia is already calling the EV3 a “game-changer” as it rolls out to new markets. After opening EV3 pre-orders in Korea starting at just $30,700 (KRW 42.08 million) in June, Kia’s compact electric SUV secured over 10,000 reservations in 23 days.
Last month, Kia opened EV3 orders in the UK. Starting at $42,300 (£32,995), Kia deemed it the “brand’s most adorable EV yet.”
Based on Hyundai’s E-GMP platform with its fourth-gen batteries (81.3 kWh), the EV3 offers up to 372 miles (600 km) WLTP range. In Korea, it gets up to 311 miles (501 km) driving range.
Next year, Kia will follow it up with the EV4 hitting the market. The EV4 is Kia’s take on an electric sedan. It’s expected to start at around $35,000 to $40,000.
Although these prices are already below or on par with a comparable gas-powered model, Kia plans to lower the threshold with even cheaper EVs set to join the lineup.
Kia targets cheaper EVs with new segments
Kia has already confirmed that it will launch an EV2 model, priced around $30,000, within the next three years. However, the brand is eyeing an even lower-priced model.
CEO Ho-Sung Song told Autocar during an EV3 test drive that Kia wants to launch an entry-level EV priced around $22,200 (€20,000).
Kia trademarked the names EV1 through EV9, opening up the possibility for cheaper EVs following the EV3. Song said the entry-level EV was the brand’s “next, next target” as it looks to lower the threshold for driving electric.
According to Song, an EV priced below €20,000 would not be likely until after 2030. As new battery and EV powertrain tech emerge, Kia plans to continue lowering the price tag.
The EV3 starts at around €35,000 ($39,000) in Europe, while Kia’s EV2 is expected to start below €30,000 ($33,400).
“Our next target is an EV model starting from €30,000,” Song said. Yet Kia still believes “we need sub-€25,000 in our EV cars, and maybe we can leverage around €20,000,” Song explained. That “cannot happen in the next two years,” Kia’s CEO added.
Kia is also considering a brand-building electric car, like the Stinger GT, to top off the other end of the lineup.
“What kind of model can help build the brand? This is what we are now studying,” Song said. While more incentives are needed, Song explained, “most OEMs are trying our best to reduce the cost of EVs” in the meantime.
Song also confirmed that Kia is developing solid-state batteries that look “in every aspect quite better” than current EV battery tech. However, Kia’s CEO did not say when the company would put electric cars with solid-state batteries on the road.