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Kia brushes off slowing EV need to launch compact electrical SUV

Kia Corp introduced on Thursday the business's first compact electrical sports utility vehicle developed on its devoted EV platform, betting it can win over purchasers through competitive pricing even as momentum in the worldwide EV market stalls.

The EV3 is one of more than 31 electrical designs that Hyundai Motor Group - that includes Hyundai Motor Co, Kia Corp and superior brand name Genesis - plans to present in the period through to 2030. Kia stated in April that it aims to sell about 1.6 million EV units in 2030.

Kia President Tune Ho Sung said the South Korean car manufacturer aimed to price the EV3, based on the committed Electrified-Global Modular Platform (E-GMP), in a $35,000 to $ 50,000 variety.

Generally the barriers are pricing concerns and charging facilities. And we are making the EV3 very much available to our consumers with the rates level that customers are anticipating for our vehicle, Tune told press reporters at a press conference ahead of the launch.

In October, Kia said it planned to develop a wide range of EV models priced between $30,000 and $80,000, including smaller EVs like the EV5, EV4, and EV3.

In comparison, Volvo Cars last year released its EX30 electric compact SUV with a beginning price of around 36,000 euros ($ 38,973.60) as the Swedish brand name owned by China's. Geely also targets cost-conscious consumers.

The launch of the EV3 comes as consumer demand for hybrid. cars has risen, while EV sales have been cooling.

In the very first quarter, Kia's hybrid sales rose about 31% from. a year earlier to 93,000 systems, while its EV sales increased 8%. to 44,000 systems.

Tune said Kia intended to accomplish an annual sales target for. the EV3 of 200,000 units worldwide, including in the United. States, Europe, South Korea and other markets. Kia did not. elaborate on which year the target will apply from.

The EV3 will be readily available in South Korea from July, with a. European launch anticipated late this year and a U.S. launch. at some point after 2025. The delayed U.S. launch is due to the fact that Kia is. still examining the U.S. EV tax credit policy, stated Song.

The EV3 will include 2 battery pack choices -. 58.3-kilowatt per hour (kWh) and 81.4 kWh - and will begin. production in South Korea, Kia said.

The EV3's long-range design will have a driving variety of. about 600 kilometres

(source: Reuters)