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.
Logo of the Organization of the Petroleum Exporting Countries (OPEC)
Andrey Rudakov | Bloomberg | Getty Images
U.S. crude oil futures fell more than 4% on Sunday, after OPEC+ agreed to surge production for a second month.
U.S. crude was down $2.49, or 4.27%, to $55.80 a barrel shortly after trading opened. Global benchmark Brent fell $2.39, or 3.9%, to $58.90 per barrel. Oil prices have fallen more than 20% this year.
The eight producers in the group, led by Saudi Arabia, agreed on Saturday to increase output by another 411,000 barrels per day in June. The decision comes a month after OPEC+ surprised the market by agreeing to surge production in May by the same amount.
The June production hike is nearly triple the 140,000 bpd that Goldman Sachs had originally forecast. OPEC+ is bringing more than 800,000 bpd of additional supply to the market over the course of two months.
Oil prices in April posted the biggest monthly loss since 2021, as U.S. President Donald Trump’s tariffs have raised fears of a recession that will slow demand at the same time that OPEC+ is quickly increasing supply.
Oilfield service firms such as Baker Hughes and SLB are expecting investment in exploration and production to decline this year due to the weak price environment.
“The prospects of an oversupplied oil market, rising tariffs, uncertainty in Mexico and activity weakness in Saudi Arabia are collectively constraining international upstream spending levels,” Baker Hughes CEO Lorenzo Simonelli said on the company’s first-quarter earnings call on April 25.
Oil majors Chevron and Exxon reported first-quarter earnings last week that fell compared to the same period in 2024 due to lower oil prices.
Goldman is forecasting that U.S. crude and Brent prices will average $59 and $63 per barrel, respectively, this year.
In a bid to keep up with the rapid growth of EVs, Chicago Department of Transportation (CDOT is currently seeking public feedback on a plan called “Chicago Moves Electric Framework.” The city’s first such plan, it outlines initiatives that include a curbside charging pilot through the city’s utility, ComEd, and expanded charging access in key areas throughout the city.
Unlike other such plans, however, the new plan aims to focus on bringing electric vehicle charging to EIEC and low income communities, too.
“Through this framework, we are setting clear goals and identifying solutions that reflect the voices of our residents, communities, and regional partners,” said CDOT Commissioner Tom Carney. “By prioritizing equity and public input, we’re creating a roadmap for electric transportation that serves every neighborhood and helps drive down emissions across Chicago.”
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Neighborhoods on the south and west sides of Chicago experience a disproportionate amount of air pollution and diesel emissions, largely due to vehicle emissions according to CDOT. Despite that, most of Chicago’s public charging stations are clustered in higher-income areas while just 7.8% are in environmental justice neighborhoods that face higher environmental burdens.
“Too often, communities facing the greatest economic and transportation barriers also experience the most air pollution,” explains Chicago Mayor Brandon Johnson. “By prioritizing investments in historically underserved areas and making clean transportation options more affordable and accessible, we can improve both mobility and public health.”
The Framework identifies other near-term policy objectives, as well – such as streamlining the EV charger installation process for businesses and residents and implementing “Low-Emission Zones” in areas disproportionately impacted by air pollution by limiting, or even restricting, access to conventional medium- and heavy-duty vehicles during peak hours.
The Chicago Moves Electric Framework includes the installation of Level 2 and DC fast charging stations in public locations such as libraries and Chicago’s Midway Airport, “supporting not only personal EVs but also electric taxis, ride-hail and commercial fleets.”
Chicago has a goal of installing 2,500 public passenger EV charging stations and electrifying the city’s entire municipal vehicle fleet by 2035.
Electrek’s Take
ComEd press conference at Chicago Drives Electric, 2024; by the author.
Bodo G-Wagon electric golf cart; via Mecum Auctions.
With a fully-enclosed, G-Wagen-inspired body and an 80 mile electric range, the Bodo G-Wagon golf cart is the NEV you need when you decide it’s time to get serous one-upping the rest of the Palm Beach country clubbers.
The shiny black 2024 Bodo G-Wagon sold at Mecum Auctions last month for $31,900, which seems like it might not be a lot of money to the sort of person who decides to take a flyer on a goofy, limited-use EV that ships with real, metal doors, power windows, heating and air conditioning, fully digital instrument cluster and infotainment, and a “posh,” caramel leather interior.
It even has windshield wipers, power steering, and a rear-seat entertainment system that’s built into the front headrests!
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It’s really nice in there
Under the hood, the Bodo packs a 15 kW (20 hp) electric motor drawing power from a 10 kWh li-ion battery that won’t deliver a scorching 0-60 mph time (it only goes 35), but will deliver you and your buddies from one end of any golf course in North America and back several times over, thanks to the G-Wagon’s 80 mile range.
The official Mecum Auctions listing goes into a bit more detail, and I’ve included it here, in case it gets deleted after a while and you’re just finding this for the first time in 2027:
Be the envy of any country club or golf community showing up with this 2024 Bodo G-Wagon Golf Cart. Perhaps more appropriately known as an E-Wagon, this baby G-Wagon is powered by a 15kW motor with a 10kWh lithium battery. Boasting an 80-mile range and a 35 MPH top speed, the Bodo is an enclosed, luxury golf cart that pampers occupants with heating and air conditioning, rear-seat entertainment, power windows, power locks and a posh, caramel-colored interior. With the Bodo fitted with power steering and 4-wheel power disc brakes with brake boost, drivers will think they’re in a full-size G-Wagon, thanks to the multiscreen entertainment cluster, the rearview camera, windshield wipers, turn signals, running lights and so much more.
Finished in black with the right amount of brightwork, the overall vibe is one of jaw-dropping, smile-inducing fun. While the Bodo would be an excellent choice for any golf community, it should also prove to be hugely popular around a race track or car condo community as well, or maybe even a neighborhood with its own airplane runways. Over the past decade in particular, the demand for unique, luxury golf carts has been on the rise, and understandably so. The number of luxury communities with specific interests in sports, aero and auto has also been on the rise, with people buying homes in these exclusive locations to better engage with like-minded people. All too often a golf cart is the perfect way to get around these gated neighborhoods, and this one is enclosed, comes with the amenities of a full-size car and is infinitely more stylish.
You can check out a few more photos of the 2024 Bodo G-Wagon golf cart that sold at Mecum, below – and if you want one for yourself, you’re in luck! I found this brand-new 2025 “G600 E-Wagon” (in white) for $23,900 at Gulf Carts in Santa Rosa Beach, Florida. Head on down to the comments and let us know if you buy it.
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