Kia to reclaim Europe with EV2, keeps K4 output unchanged in Mexico

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Kia to reclaim Europe with EV2, keeps K4 output unchanged in Mexico - Korea Economic Daily

Quick Summary:

Since cheap Chinese EVs flooded the bloc, most multinational finished carmakers have seen their market share in Europe shrink this year, including Kia selling about 490,000 units from January to November this year, down 8.1% from the same period last year.“Kia is expected to be the leading compact EV brand in Europe, offering drivers the most bang for their buck with the EV2, which will hit the market early next year, coupled with the recently released EV3,” said an unnamed official from Kia.

Kia Corp., South Korea’s second-largest carmaker, will start producing its entry-level electrified model EV2 from its plant in Slovakia next year to regain ground in Europe against Chinese peers, which face up to 45% countervailing import duties in the region.

Global automakers have been rushing to introduce entry-level EVs to revive the eco-friendly automobile industry.Tesla Inc., the world’s second-largest EV manufacturer, plans to launch the Model Q, an affordable EV priced below $30,000, next year, while Toyota Motor Corp.recently launched electric compact crossover SUV, the bZ3X, in China.