For the first time since 2001, Kia surpassed Hyundai in market value with new affordable EVs rolling out this year. Kia is now South Korea’s fifth most-valued stock at $31 billion (41.3 trillion won).
Kia surpasses Hyundai in market value
Hyundai, which saved Kia from bankruptcy in 1998, owns around a third of the South Korean automaker.
The Hyundai Motor Group was formed in 2000 after buying out Kia. In 2003, the first Hyundai Genesis arrived, and in 2015, the luxury brand became a standalone marque.
Kia’s stock is surging after announcing fourth-quarter earnings and 2024 guidance on January 25th. The plans include a KRW 500 billion ($376 million) share buyback plan and 3.2 million in sales (wholesale).
The automaker is targeting 3.4% operating profit growth and an operating profit ratio of 11.9% in 2024.
Despite a “difficult business environment” expected this year, Kia plans to keep the momentum up by launching new lower-cost EVs. Kia said it plans to “pursue sustainable growth by strengthening our leadership in the eco-friendly car market.”
Kia EV lineup from left to right: EV6, EV4, EV5, EV3, EV9 (Source: Kia)
Kia is launching price-competitive electric models, including the EV3, EV4, and EV5. The new low-cost EVs were revealed during Kia’s first EV day in October.
Affordable Kia EVs will charge up sales growth
Kia is in a good position to take advantage of the growing demand for affordable EVs, according to YongJin Jung, an analyst at Shinhan Securities.
Jung predicts Kia’s EV sales will grow another 50% this year to 270,000. As many rivals are pulling back EV guidance, 50% growth would make Kia a standout, Jung explained.
Kia EV5 electric SUV (Source: Kia)
Kia’s new “EVs for all” vision includes models priced from $30,000 to $80,000. The new EV3, EV4, and EV5 will be priced between $20,000 and $50,000.
Kia already launched the EV5, a compact electric SUV to rival Tesla’s Model Y, in China last November. Starting prices were even lower than expected at around $21,000 (149,800 yuan).
Kia EV4 concept (Source: Kia)
The EV3 and EV4 concepts were introduced for the first time. The EV3 is an electric crossover based on the flagship EV9 but in a compact package. It features a bold design with Kia’s “Opposites United” theme. The EV3’s interior provides ample space with ergonomic seats and mood lighting.
Meanwhile, the EV4 is an “entirely new type of EV sedan.” It includes a low nose, sleek silhouette, and roof spoiler for a sports car sedan feel.
Kia Ray EV (Source: Kia)
Kia also introduced its cheapest electric car yet, the new Ray EV, last summer in South Korea, starting at $20,000 (27.35 million won).
The new affordable EVs are a big reason why Kia topped Hyundai in market value. Kia sold 111,545 EVs in 2023, while Hyundai sold 158,110, according to data from BloombergNEF.
2024 Kia EV6 (Source: Kia)
In the US, Kia launched a new Light Long Range trim for the 2024 EV6. The new variant starts at $45,950 (excluding dest.) with up to 310 miles range. Kia’s base EV6 starts at $42,600 with up to 232 miles range.
Electrek’s Take
While many rivals, including Ford, GM, VW, and Toyota, are pulling back on EV initiatives, Kia (and Hyundai) are surging ahead.
Kia believes its new affordable EVs will help accelerate sales, and investors are clearly on board. Hyundai, including Kia, has already overtaken Ford and GM to become the second-largest EV maker in the US behind Tesla.
Kia will produce new electric models, including the EV3 and EV4, at the facility. Once complete, the plant will be able to build 150,000 EVs annually.
The new electric models will play a key role as Kia aims to sell one million EVs by 2026. By 2030, Kia looks to sell 1.6 million EVs with a full electric lineup.
It’s been a decidedly weird month in the heavy truck world, and it just keeps getting weirder. Hydrogen shipping startup Hyroad Energy has acquired Nikola Motor’s hydrogen assets and IP, including 113 HFCEV semis, spare parts, and refueling infrastructure.
Hyroad Energy calls itself a leader in hydrogen-powered Class-8 trucks and trucking-as-a-service solutions, and aims to deliver, “reliability, safety, and cost-efficiency for superior results,” according to the company’s website. “We help fleets embrace hydrogen power without the complexities of going it alone. We manage the risks, finance the assets, and leverage economies of scale to drive down costs.”
Those claims became a lot more credible last week, when the company grew its hydrogen semi fleet from (apparently) 0 to 113 Class 8 semi trucks following the acquisition of Nikola’s orphaned hydrogen assets, which include the trucks, a number of spares, and the operational infrastructure needed to keep them on the road.
Hyroad CEO Dmitry Serov says that this acquisition, “significantly advances Hyroad’s mission to provide turnkey hydrogen trucking solutions that reduce the complexity and risk typically associated with adopting zero-emission technologies,” adding, “these trucks and the corresponding equipment and systems represent immediate capacity to put proven hydrogen fuel cell technology on the road to meet demand for zero-emission trucks.”
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Key Biscayne, a small barrier island off the coast of Miami, has become one of the only places in the United States where all electric bikes are completely banned, regardless of speed class, rider age, or motor power.
This week, the village council voted 4-3 to keep its sweeping e-bike ban in place, rejecting a proposed measure that would have repealed the restriction and allowed adults to ride electric bicycles on the island. The vote effectively makes permanent a controversial emergency ban enacted last year, which was originally framed as a temporary public safety measure following the death of a local cyclist.
Under the current rule, no electric bicycles of any kind are allowed anywhere in Key Biscayne, including Class 1 pedal-assist bikes that are legal on most public bike paths across Florida. The ban applies to both residents and visitors and has been enforced with warnings and fines.
Before the vote, there was major support for repealing or modifying the e-bike ban. Even the Key Biscayne Police Department had recommended loosening the ban, suggesting that the village adopt a more balanced policy allowing adults to ride responsibly while continuing to restrict use by minors. Despite that recommendation, the council chose to maintain the full prohibition.
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The issue has deeply divided the affluent community, where many residents support the ban due to concerns about reckless youth riders and congestion on narrow paths. Others argue that the policy is overly broad and punishes responsible adults, tourists, and commuters who rely on e-bikes as a sustainable and accessible transportation option.
With no exemption even for low-speed pedal-assist bikes, Key Biscayne stands out as a rare enclave where electric bicycles remain entirely illegal – one of few in the US – highlighting the growing tensions around e-mobility in tight-knit communities grappling with safety, access, and change.
What do you think? Should e-bikes be completely banned in these exclusive communities, or should there be leeway for creating common-sense laws that promote transportation while ensuring the safety of all road users?
Why is Europe getting all the fun new electric vehicles? After its electric SUV, the EV3, has already become a top seller in Europe, Kia is doubling down with new models, like the EV5 and EV4. Thanks to the new tariffs, Kia is pushing for EVs in Europe while the US gets left on the back burner.
Which EVs is Kia launching in Europe and the US?
After launching the EV3 in late 2024, Kia’s compact electric SUV “started with a bang,” as the most popular retail EV in the UK in January.
Through the first half of the year, the Kia EV3 has remained the UK’s best-selling EV among retail customers, with nearly 6,300 registrations. Including commercial vehicles, it was the fourth most popular EV overall.
Kia looks to build on its success with a flurry of new EVs on the way. After opening orders for the EV4 hatchback in June, its first all-electric hatch, Kia introduced the Fastback version, or sedan model, less than two weeks later.
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And then, last month, we got our first look at the upgraded EV5, the European version of Kia’s Tesla Model Y-sized electric SUV, which has been on sale in China since 2023.
Kia EV6 (right), EV3 (middle), and EV9 (right) Source: Kia
Kia plans to begin EV4 deliveries in Europe in September. The hatchback will be the first EV Kia builds in Europe at its Zilina plant in Slovakia. Kia said the move will speed up deliveries. However, the sedan will still be built in South Korea.
The EV5 will arrive in Europe later this year. Kia is launching the EV5 in North America in early 2026, but it will be “exclusive to the Canadian market.”
Kia EV5 GT-Line (Source: Kia)
Next year, Kia will introduce the smaller, more affordable EV2. The EV2 will sit underneath the EV3 as Kia’s new entry-level electric vehicle.
Outside of the EV4, which Kia will launch in the US in early 2026, no other models have been confirmed for the US. Although it was spotted testing in the US again this week, the last official release from Kia specifically said the EV5 will be exclusive to the Canadian market in North America.
Kia Concept EV2 (Source: Kia)
The EV4 will arrive, but only as a sedan. It will feature up to 330 miles of driving range and a built-in NACS port for charging at Tesla Superchargers.
Kia has yet to reveal prices, but the EV4 is expected to start at around $35,000. In the UK, the hatch starts at £34,695 ($47,700) with up to 388 miles WLTP driving range. The Fastback, or sedan variant, is priced from £40,895 ($55,000) with a driving range of up to 380 miles.
Kia EV4 models during safety testing in Europe (Source: Kia UK)
And that’s not even touching the PV5, Kia’s first electric van. Kia is launching the PV5 Passenger and Cargo models across Europe, but whether it will arrive in the US is still up in the air.
Electrek’s Take
Kia’s decision to prioritize Europe over the US is thanks to the Trump Administration’s new tariffs on vehicle imports. Imported vehicles from South Korea are subject to a 15% tariff.
On top of this, the $7,500 federal tax credit is set to expire at the end of September, which will make the US EV market even more competitive.
Kia’s electric vehicle sales are already down significantly this year. Through July, Kia has sold nearly half as many EV9 and EV6 models as it did in 2024. The Korean auto giant is expected to offset slower EV sales in the US with new models arriving in Europe.
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