Two legacy automakers, Kia and Honda, both revealed new electric vehicle targets as the market for zero-emission EVs continues growing at a record pace globally.
According to recent data, electric vehicle sales grew by 60% last year, with one in every passenger car bought being an EV.
Although around 14% of total auto sales may not seem like much, compared to just one in 70 (1.4%) cars sold being an EV in 2017, it’s a considerable difference. Most major auto markets are transitioning to sustainable transportation, with one in four cars being an EV in China, one in five in the European Union, and nearly one in ten in the US.
As EV pioneers like Tesla continue expanding at a historic rate, delivering 422,875 vehicles in the first quarter alone, legacy automakers are playing catch up.
Over the past year or so, as EV sales climb to new levels, many automakers have adjusted their sales goals, seeing the direction that the industry is headed.
Although Honda and Kia are in two different situations relating to electrifying their lineup, both announced Wednesday they would raise their EV targets to keep pace.
Kia EV6 GT (Source: Kia)2024 Honda Prologue (Source: Honda)
Kia and Honda lift EV production/sales targets
Kia, under the Hyundai Motor Group, revealed it was raising its EV sales goal to 1.6 million by 2030 with a new 24 trillion won ($18 billion) investment earlier this month.
Although it’s 400,000 units higher than its previous target of 1.2 million, Kia is forecasting overall vehicle sales to reach 4.3 million by that time, meaning it would only represent 37% of the pie.
Kia unveiled its first dedicated EV, the EV6 crossover, last May, based on Hyundai’s E-GMP platform, the same used for the IONIQ 5 and IONIQ 6 models. The automaker also recently revealed its flagship EV9 SUV, its first seven-seater, and an upcoming smaller EV5 electric SUV.
Kia EV9 GT line (Source: Kia)
Hyundai has already said it believes it can be a top three EV producer by 2030 with 31 models across its lineup, including the Kia and Genesis brands.
According to a new report from Bloomberg, Kia is now aiming for EVs to account for 9% of revenue by the end of 2023, up from 5.5% in the first quarter as it works toward its target of selling one million units by 2026.
Separately, Honda revealed plans Wednesday it’s increasing its EV production target to over two million by 2030 with its models, the Honda Prologue and Acura ZDX, due out next year.
Honda is producing its first two EVs in a partnership with General Motors to use its Ultium platform. The Japanese automaker says a mid-to-large size electric model will go on sale in 2025, which will be the first to adopt its new E&E architecture.
According to Honda, it will continue to expand upon its collaboration with GM with affordable EVs going on sale in 2027 as they explore a broad range of core electrification components.
Electrek’s Take
Although it’s not fair to compare the two right now, with Kia already having a dedicated EV out and access to Hyundai’s E-GMP platform, they are still two legacy automakers fighting for a position in the new electric era.
With nearly one in five cars sold this year expected to be electric this year, as the auto industry continues trending toward 100% EV, legacy automakers that previously lagged are beginning to act urgently.
Even Toyota, arguably the most prominent critic against going all-in on EVs, admitted it would need to pick up the pace to remain competitive in China, the leading market globally.
We have said for a long time at Electrek that EV adoption will take many by surprise, and it will continue to do so.
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Say what you will about Elon Musk, but Tesla has changed the way that millions of people buy cars and, by extension, car insurance. Now, Honda is taking a page from Tesla’s successful playbook and launching its own in-house insurance business. Enter: Honda Insurance Solutions.
Honda Insurance Solutions is being launched as a fully licensed insurance agency serving the insurance needs of Acura and Honda customers, but it’s not stopping at competitive pricing and coverage options for Honda cars and motorcycles. Honda Insurance Solutions promises to go several steps beyond Tesla’s offering with coverage for trailers, RVs, homes, and even pets.
“Honda Insurance Solutions offers customers access to coverage through a brand they know and trust,” says Petar Vucurevic, President, American Honda Insurance Solutions, LLC and Senior Vice President, American Honda Finance Corporation. “Insurance is a key touchpoint in the vehicle ownership journey, and we aim to deliver a superior experience tailored to the unique needs of each customer, while promoting safer driving and increased peace of mind on the road.”
The company says the launch of its new insurance business is just part of Honda’s broader digital vehicle sales platform strategy, with future plans to integrate insurance offerings into new products.
What Honda is doing right now is deepening relationships with its existing customers and finding ways to make money on products it hasn’t sold them – whether that’s the Harley parked in the garage next to their Prologue or the garage itself.
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Nobody ever says “this is business” before doing something nice, and the recently reborn Lion Electric company is keeping that streak alive by doing the unthinkable to cut costs: they’re going to void the warranties on hundreds of electric school buses.
In a letter issued to exiting Lion Electric customers last week, Deloitte Restructuring announced that the warranties on all Lion vehicles purchased outside of the company’s home Province of Quebec are null and void – leaving dozens of school districts in the lurch with stranded assets that won’t get fixed, and can’t be sold to generate funds for replacements.
“We are working with alternate vendors at the expense of the school district to help keep our electric buses functional and on the road,” explains Dr. Richard Decman, Superintendent of Herscher CUSD No. 2 district in Herscher, Illinois. “Currently, six of our 25 (Lion) electric buses need some type of repair.”
Student Transportation News reports that Lion buses represent fully half of Herscher’s overall fleet of 50 buses, and that the district has received nearly $10 million for the purchase of 25 electric buses and the related charging stations from various state and utility incentive programs.
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Herscher isn’t the only district having problems with Lion buses. “All four Lion buses that we own are currently parked and not being used,” Coleen Souza, interim transportation director of Winthrop Public Schools, told Clean Trucking. “Two of them are in need of repairs which would cost us money which we are not willing to invest in because the buses do not run for more than a month before needing more repairs.”
More of the same in Maine, where Yarmouth School Department bought two Lion Electric buses in 2023 with the state covering the costs. According to Superintendent Andrew Dolloff, the buses almost never worked. “We’ve had some sporadic service over the past two years, but as soon as the tech leaves, the buses produce error codes again,” explained Dolloff. ” and “Then the technician quits or is released, and we wait a few months for the next response.”
Dolloff added that Yarmouth’s electric buses did not operate during the 2024-25 school year.
Lion’s new owners are seemingly uninterested in their customers’ plight – which might be easily dismissed if those new owners, Groupe MACH, weren’t also the old owners of Lion Electric.
That’s right, kids. Quebec-based real estate company Groupe MACH, which stepped in to “save” Lion Electric earlier this summer, along with Ontario-based Mirella & Lino Saputo Foundation, bought $90 million of equity in Lion Electric back in 2023. And, while the MACH people may not have been the ones who ultimately made the call about voiding the warranties (that decision was made by the Deloitte bankruptcy team), it is absolutely Group MACH who have, to date, not announced plans to continue to honor those warranties, either.
Make of that what you will.
Deloitte Lion letter
SOURCES: School Transportation News, Clean Trucking, Deloitte.
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We recently had the opportunity to test out Retrospec’s Beaumont Rev 2 electric bike. This Class 2 electric city bike is as stylish as it is functional. Despite its streamlined design, the Beaumont Rev 2 is sneaky fast with quality components throughout. Be sure to check out our full video review below.
Our latest product review came through Retrospec – a veteran micromobility company dedicated to delivering affordable, high-quality, adventure-ready eBikes without compromising performance or style.
According to Retrospec, its products aim to “make nature second nature” by offering accessible, high-quality gear that encourages people of all ages and abilities to enjoy the outdoors to “make nature second nature” by providing accessible, high-quality gear that encourages people of all ages and abilities to enjoy the outside world.
Designed for adventure and built to last, Retrospec prides itself on delivering mobility products look great, perform flawlessly, and stand up to the test of time. A fine example of this company ethos is the Beaumont Rev 2 electric city bike.
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The Beaumont Rev 2 has already gone viral as Retrospec’s number one best seller. It initially caught our eye because it combines a stylish vintage look of classic bicycles with modern tech to cruise quickly and easily.
We recently had an opportunity to take one of these eBikes out and have plenty to say about it.
Upon first ride, you can’t ignore the classic style of this eBike, which looks and feels super light, similar to a conventional bicycle. However, with one press of the throttle, you get a feel for the function and versatility of the Beaumont Rev 2, which was designed by Retrospec specifically for city riding.
The bike’s powerful rear hub motor is supported by a Shimano MegaRange drivetrain that can easily be switched between seven different gears with your right hand.
The electric motor offers five different levels of electric pedal assist and an easy-to-use throttle on the left handlebar (pictured below). As a Class 2 eBike, the Beaumont Rev 2 can cruise to assisted speeds as high as 20 mph. The bike itself is powered by a UL2849-Certified Battery that offers riders a range of up to 38 miles on a single charge.
If you encounter dirt or debris on your journey, you’re protected by full-wrap front and rear fenders. Other features of the Retrospec Beaumont Rev 2 include front and rear lights, a rear cargo rack, and Tektro mechanical disc brakes (pictured above).
Combined with the padded saddle seat and swingback handlebars, the Beaumont Rev 2 is as comfortable and supportive of a ride as it is functional.
As an urban-style e-bike, the Beaumont Rev 2 isn’t necessarily built for off-road riding, but as you’ll see in the video below, there were a couple of times I cut through some grassy terrain to get on and off the bike path, and the bike fared just fine.
I truly enjoyed the smooth comfort of this unique, Euro-style step-through bike thanks to its wide, high-volume city tires. It also feels like it rides a lot faster than 20 mph due to its light frame and best-in-class powertrain components.
While the Beaumont Rev 2 comes with the above mentioned accessories, Retrospec sells many compatible add-on components, including helmets, baskets, trailers, bike bags & panniers, air pumps, and car racks. In addition to the Beaumont Rev 2, Retrospec offers a growing lineup of all-electric city bikes. We highly recommend checking those out to find the right bike for you.
Retrospec also offers a range of other eBike categories, including fat tire electric bikes, electric beach cruiser bikes, electric commuter bikes, electric trikes, and more. All Retrospec eBikes are UL2849 certified, feature sleek and stylish designs, and employ the most modern eBike technology to make riding an absolute blast. Check out the full lineup here.
If you’re interested in riding in style on Retrospec’s best-selling Beaumont Rev 2 eBike, you can purchase one here. This blend of classic and modern is available for just under $1,000, making it one of the most affordable options in its class.
To learn more about this stylish electric city bike, be sure to check out our full video review below.