As part of Plan S 2030, India will be the fastest-growing market for the South Korean specialists. The company expects India to account for almost 10% of its global sales by the turn of the decade.
11 Apr 2025 | 1365 Views | By Ketan Thakkar & Saptarishi Mondal
• India to grow fastest for Kia: 8.5% CAGR, 4L units by 2030
• 43% of India sales to be EVs/hybrids
• Kia’s global goal: 4.19M sales, $30.6B investment
• India to be key compact EV hub, capacity at 4.3L units
Kia Corporation has unveiled a sharpened version of ...
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• India to grow fastest for Kia: 8.5% CAGR, 4L units by 2030
• 43% of India sales to be EVs/hybrids
• Kia’s global goal: 4.19M sales, $30.6B investment
• India to be key compact EV hub, capacity at 4.3L units
Kia Corporation has unveiled a sharpened version of its global growth roadmap—Plan S 2030—with India playing a key role in its volume and electrification targets. As part of the revised mid-to-long-term vision, the South Korean automaker targets 400,000 annual units from India by 2030, nearly 10% of its global 4.19-million-unit sales goal, while accelerating the local transition to cleaner mobility solutions.
Between 2024 and 2030, India is set to be Kia’s fastest-growing market, with a CAGR of 8.51% —significantly outpacing the global average of 5.21%. Sales in India are projected to rise from 245,000 units to 400,000 units, increasing the country’s share of Kia’s global volumes from 7.93% to 9.55%.
This marks a strategic shift in Kia’s global footprint, with India emerging as a key growth driver, even as mature markets like South Korea show signs of saturation.
Kia plans to sell 1.11 million units in North America and 774,000 units in Europe by 2030, aiming for 580,000 units in Korea. Kia will expand sales around the newly launched Syros in India, aiming for 400,000 units.
Kia’s other core markets will see steady but varied growth. The U.S., its largest market, is projected to grow at 5.53% CAGR, with volumes rising from 796,488 units to 1.1 million units, maintaining a dominant 26% share. Europe is expected to expand at a slightly faster 6.54% CAGR, driven by electrification, pushing its share from 17.13% to 18.47%. In contrast, South Korea is forecast to grow modestly at 1.20% CAGR, with its share of global sales declining from 17.48% to 13.84%, reflecting a maturing domestic market.
Multipower Train Focus
The South Korean car maker is adopting a multi-powertrain approach for India, including EVs, Hybrids, and future internal combustion engines (ICE), i.e., petrol and diesel models.
The updated blueprint was presented by Ho Sung Song, President and CEO of Kia, at the 2025 CEO Investor Day. Song shared that Kia aims to deliver 2.33 million electrified vehicles globally by 2030, comprising 1.26 million battery EVs and 1.07 million hybrids.
In India, Kia targets 43% of total sales from electrified models—a significant shift considering the current low base of EV and hybrid penetration. The company officially confirmed the launch of the Seltos Hybrid.
While North America (70%), Europe (86%), and Korea (73%) are expected to have a higher share of electrified sales, the India strategy hinges on locally developed compact electric SUVs, which will be tailored for both domestic and export markets.
“Since launching the Kia Transformation strategy in 2021, Kia has continuously progressed to become a provider of sustainable mobility solutions that innovate space and enable customers to make better use of their time beyond conventional means of transportation,” said Ho Sung Song, President and CEO of Kia. "We will continue to develop the brand by implementing mid-to-long-term strategies to strengthen our internal stability and respond effectively to changes in the auto industry."
Compact EVs, Local Production Drive India Strategy
Autocar India exclusively reported in December 2023 that Kia intends to enter the hybrid segment in India, even as there was a debate on the right path to cleaner alternatives in the country—EVs or hybrids. The former head of Kia India, Tae Jin Park, had confirmed to our sister publication that the hybrid is part of the long-term thought process.
Autocar Professional also exclusively reported in January that Kia intends to launch over half a dozen models, including the all-new Carens, Carens EV, Syros EV, the next Seltos, and Sorento, with the latter two likely with hybrid powertrains.
A Seltos Hybrid will help Kia compete strongly with its Japanese rivals, Suzuki and Toyota, who have gotten off to an encouraging start with strong hybrids. Honda Cars India, too, has confirmed its plans to come out with a Hybrid powertrain. With the addition of the Seltos Hybrid, Kia will be able to regain its lost share in the segment, which has witnessed intense competition lately.
Kia will expand local EV production in key regions to optimize its supply chain. Korea will serve as the global hub for EV development and production. North America will focus on mid-to-large SUVs, Europe will focus on compact SUVs and hatchbacks, and India will focus on locally targeted compact SUVs.
The company will roll out several volume EVs—including the EV2, EV3, EV4, and EV5—over the next few years, with localized models playing a key role in cost competitiveness and emerging market relevance.
Kia is also planning a significant expansion in hybrid offerings, with popular models like the Seltos to receive hybrid variants. The company plans to double its global hybrid volumes to 1 million units by 2030, and India is expected to contribute significantly to this target.
$30.6 Billion Investment Target
Kia has announced an investment of USD 30.6 billion (KRW 42 trillion) from 2025 to 2029 to drive long-term growth. The company plans to achieve USD 123.8 billion (KRW 170 trillion) in revenue and USD 13.1 billion (KRW 18 trillion) in operating profit, with an operating profit margin of with an operating profit margin of over 10 percent by 2030
Song said this is with a total shareholder return target set at 35 percent for 2025–2027.
Though India temporarily dropped out of the top five passenger carmakers, Kia’s directors expressed confidence in returning to growth, aided by new launches like the Syros, upcoming Carens EV, and next-gen Seltos. A return to double-digit growth is expected in FY26, supported by improved portfolio strength.
Kia India’s financial performance in FY24 offered a snapshot of the current challenges in the Indian market. The company reported a 9.8% decline in revenue to Rs 34,969 crore, and net profit fell 25.7% to Rs 1,576.9 crore, impacted by slowing demand and rising input costs.
While total volumes dropped 16% to 297,739 units, driven by an 8.8% fall in domestic sales and a 39% slump in exports, the company maintained strong per-vehicle realizations, which rose 8% year-on-year. Export realization per vehicle stood at Rs 14.84 lakh, around 33% higher than domestic.
Long-Term Commitments Backed by Investment and Scale
Globally, Kia plans to increase production capacity to 4.25 million units by 2030, up 17% from 2025 levels. This includes capacity expansion across multiple geographies to support EV growth and flexible production.
India, which has already emerged as one of Kia’s top three to five global markets, is expected to play a critical operational and strategic role, with capacities already ramped up to 4.3 lakh units.
Key highlights of the Plan S 2030
Business & Financial Goals
Mid-to-Long-Term (by 2030)
Revenue Target: KRW 170 trillion (~USD 123.8 billion)
Operating Profit: KRW 18 trillion (~USD 13.1 billion), with 10%+ margin
Investment Plan (2025–2029): KRW 42 trillion (~USD 30.6 billion)
Total Shareholder Return: 35% target for 2025–2027
2025 Targets
Vehicle Sales: 3.22 million units (↑4.1% YoY)
Revenue: KRW 112 trillion (~USD 81.7 billion), ↑4.7% YoY
Product Launches: 5 new models, 1 enhanced product, 3 derivatives
Global Sales & Production Targets
Total Global Sales by 2030: 4.19 million units
EVs: 1.26 million units
xHEVs (hybrid): 1.07 million units
Production Capacity: Increase by 17% to 4.25 million units globally
EV Strategy
EV Sales Target: 1.26 million by 2030
New Models: EV2, EV3, EV4, EV5
EV Models by 2030: 15
EV Initiatives:
Enhance customer service and charging infrastructure
Strategic partnerships for support ecosystem
Flexible global production allocation
xHEV (Hybrid) Strategy
Hybrid Sales Target: 1.07 million by 2030
xHEV Models by 2030: 10
Diversify hybrid lineup to meet broad market needs
PBV (Purpose-Built Vehicles) Strategy
PBV Sales Target: 250,000 units by 2030
Lineup Expansion:
PV5: Five body types with market-specific models
PV7: Launch in 2027
PV9: Launch in 2029
Pickup Strategy
Tasman Pickup:
Global launch planned
Sales target: 80,000 units/year
Market share target: 6%
EV Pickup for North America:
Long-term sales target: 90,000 units/year
Will include ICE and EV variants
Future Business & Technology
Smart & Autonomous Vehicles:
SDV (Software Defined Vehicle) ‘Pace Car’ launch in 2026
Level 2+ autonomous driving by 2027
Advanced Mobility:
Development of robotic integration
Multimodal transport networks
AAM (Advanced Air Mobility) integration