Kia unveiled its first compact electric SUV, the EV3, on Thursday, as the global EV market growth decelerates.
What Happened: The EV3 is part of Hyundai Motor Group‘s (OTC:HYTMF) plan to introduce over 31 electric models by 2030. Kia aims to sell approximately 1.6 million EV units by that year.
Kia President Song Ho Sung stated that the EV3 will be priced between $35,000 and $50,000, making it accessible to a broader audience.
“Mainly the barriers are pricing issues and charging infrastructure,” Song said at a press conference.
In October, Kia announced plans to develop various EV models priced between $30,000 and $80,000, including the EV5, EV4, and EV3. The EV3’s launch coincides with rising hybrid vehicle demand and cooling EV sales.
In the first ...