Can Kia compete with Toyota, which dominates the Thai market, with affordable EVs?Chinese automakers like BYD are already stealing market share, but Kia is in talks about a new EV plant in Thailand that could position itself as one of the most sensible leaders.
Kia has already revamped the logo as the industry goes electric with a new logo and design.
The Korean automaker is also enjoying early good fortune with its first three-row electric SUV, the EV9. Meanwhile, Kia is offering bigger (or smaller, more) projects.
Kia unveiled a new assortment of electric cars at its first EV Day in October. It showed that the EV5 electric SUV, a rival to the Volvo EX30, will have a starting price of $35,000.
Two new concepts were unveiled at the event: the Kia EV3 and EV4. The EV3 is an electric-influenced crossover that necessarily reduces the EV9 to a more compact package.
According to Kia, the EV4 is “a whole new type of sedan. “Although its 4-door suggests that it is a sedan, its design is a symbol of innovation.
The new EVs are part of Kia’s plans to launch a wide range of EVs with costs ranging from $30,000 to $80,000. Kia’s smaller EV5, EV4 and EV3 will cost less than $50,000 to promote widespread adoption of electric vehicles.
It’s possible that Kia will simply market those cheap electric cars in markets like Thailand, where classic automakers like Toyota have historically dominated sales.
According to two government sources (via Reuters), Kia is in talks to build an electric vehicle plant in Thailand in order to temporarily gain a lead in the Southeast Asian country.
The sources, who wished to remain anonymous, said discussions were ongoing and about incentives. “They have come up with a serious proposal,” said one of the resources. “The ball is in their court. “
Kia and the Board of Investment of Thailand (BOI) have yet to confirm this. However, Thailand’s BOI said Kia was contemplating making an investment in the country after media reported that the automaker had gone in another direction.
Thailand is Asia’s largest manufacturer and exporter of automobiles. The country is witnessing an increase in EV sales thanks to strong incentives, tax breaks, and other measures to promote domestic production. Thailand needs 30% of cars manufactured in the country to be electric by 2030.
Tesla is also in talks with Thailand about a new factory that could involve only the production of electric cars and batteries, according to an official earlier this week.
Although classic automakers such as Toyota and Honda have long dominated the market, Chinese automakers have pledged to invest more than $1. 44 billion in electric vehicles.
BYD, a global leader in electric cars, was the best-selling electric car logo in Thailand last year. Its Atto 3 electric SUV is the best-selling electric vehicle, with more than 19,200 models delivered. The company’s first plant in the region is expected to begin production this year. Once reached the national level, BYD aims to produce 150,000 electric cars per year.
Peter Johnson covers the automotive industry’s step-by-step transformation to electric vehicles. He is a seasoned investor, money writer, and electric vehicle enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is one of the main reasons he pursued a career in investing. If he doesn’t tell you about his latest discoveries in the 10K, you can spot him enjoying the outdoors or exercising.