After topping Hyundai in European sales last year, Kia expects a “bumpy trajectory of EV sales” in Europe. A part of this is due to its new EV3, launched in Korea last month for just over $30,000. Once it lands in Europe, Kia expects the low-cost EV3 to boost its market share in the region.
Kia introduced the EV3 last October as part of its new affordable EV lineup. The EV3 takes the best of Kia’s flagship EV9 and compresses it into a smaller, cheaper package.
You can see the EV9’s influence with Kia’s new design theme and software. Despite its smaller size, the EV3 is expected to produce big results.
After opening orders on June 4, 2024, Kia said its EV3 earned over 10,000 reservations in under 23 days. Vice president at Kia Corp, Won-Jeong Jeong, said the new low-cost electric car will be a “game changer” in its home market.
Kia’s EV3 starts at just $30,700 (KRW 42.08 million) in Korea. With incentives, Kia expects EV3 prices to start at around $29,200 (KRW 39.95 million).
Powered by Hyundai’s E-GMP platform, the EV3 gets up to 311 mi (501 km) range in Korea. The standard range model is rated at 217 mi (350 km).
Kia’s new low-cost EV3 poised to take on Europe
With the EV3 expected to arrive in Europe by early November, Kia sees the low-cost EV boosting its market share in the region.
Kia’s new European boss, Marc Hedrich, told Automotive News that the company has always seen the transition to EVs as a “bumpy road” rather than a straight line.
Despite recent criticism, “the curve is moving ahead and electric vehicle sales are moving up in Europe,” Hedrich explained.
Kia sold nearly 81,000 EVs in Europe last year, up 23% from 2022. With a 4.1% share of European sales, Kia expects that number to rise with the arrival of its new EV3.
Although Hedrich wouldn’t give a specific sales number, he said with the EV3 expected in Europe by early November, “our EV share will move consequently.”
To manage the “bumpy trajectory of EV sales in Europe,” Kia will keep combustion engines (including diesel), hybrids, and all-electric cars in its lineup.
Kia will add the EV2, EV3, and EV4 to its growing lineup, which also includes the EV9, EV6, and EV5 in China. The EV5 is also poised to hit the European market as Kia looks to meet the demand for affordable electric cars.
In other news, Kia’s first fit-for-purpose electric van was spotted testing. At first glance, Kia’s new PV5 looks like the Volkswagen ID.Buzz (check out the video here).
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