Kia held an opening ceremony for its first EV-only plant, “EVO,” as it looks to establish itself as a leading electric vehicle maker. Kia’s new low-cost EV3 and EV4 models are the first electric cars scheduled for mass production. The new facility will kick off a new era for Kia, with the capacity to build 150,000 EVs annually.
Kia opens its first EV-only plant to boost output
The EVO Plant is the Hyundai Motor Group’s first EV-only plant. Kia held the completion ceremony on Friday at Autoland Gwangmyeong in South Korea.
“The completion of the Kia Gwangmyeong EVO Plant marks the first step for Kia to become a leading electric vehicle brand,” Kia’s CEO, Choi Joon-young, said at the event. Kia will use the facility to boost the output of its next-gen electric vehicles.
With the EV3 already in mass production, Kia is preparing to “show you a new history of electric vehicles.”
After opening EV3 pre-orders in Korea in June, starting at just $30,700 (KRW 42.08 million), Kia’s compact electric SUV secured over 10,000 reservations in just 23 days. The company is already calling the EV3 a “game-changer” in its home market.
In Europe, the Kia’s new EV starts at around $40,000 (36,0000 euros) with up to 372 miles (599 km) WLTP range.
Kia EV3 (Source: Kia)
The EV3 is Kia’s third dedicated all-electric vehicle, following the EV6 sedan and three-row EV9 SUV.
“A new history of electric vehicles”
In the first half of 2025, Kia will begin building its first compact electric sedan, the EV4. According to Kia, the EV4 is an “entirely new type of EV sedan. “
Like the EV3, Kia’s smaller electric sedan will pull much of the design and tech from its flagship EV9.
Kia EV4 (left) and EV3 (right) Source: Kia
We’ve already caught a glimpse of the EV4 after it was spotted in Europe testing in July. Last month, a hatchback model was also caught testing, likely aimed at the European market (you can see the video here).
The EV4 is expected to start in the $35,000 to $40,000 price range, with deliveries scheduled for next year.
Kia EV3 trim
Range
Starting Price
Starting Price After Incentives
Standard
217 mi (350 km)
$30,700 (KRW 42.08 million)
$29,200 (KRW 39.95 million)
Earth
Standard: 217 mi (350 km) Long Range: 311 mi (501 km)
$33,400 (KRW 45.71 million)
N/A
GT Line
Standard: 217 mi (350 km) Long Range: 311 mi (501 km)
$34,100 (KRW 46.66 million)
N/A
Long Range
311 mi (501 km)
$34,100 (KRW 46.66 million)
$32,200 (KRW 44.15)
Kia EV3 price and range by trim in Korea
A Kia official said the “EV3 and EV4 will play a very important role in popularizing electric vehicles.” They added, “We will show you a new history of electric vehicles at the Gwangmyeong EVO Plant.”
Kia will use its new EVO plant as a key production base. It will have the capacity to build 150,000 EVs annually.
Kia opens its first EV-only plant (Source: Hyundai Motor Group)
As early as next month, Hyundai will open its massive new $7.6 billion Metaplant America (HMGMA) in Georgia. The facility just secured its 18th supplier this week as it builds an extensive US network.
The first vehicle to roll off the assembly line will be the new 2025 IONIQ 5 with more range and a Tesla NACS charging port. Hyundai’s first three-row electric SUV, the IONIQ 9, will also make its first appearance later this year.
To further reduce EV costs, Hyundai and Kia launched a new LFP battery project this week to develop new battery materials for safer, lower-priced electric vehicles.
Source: Hyundai Motor Group
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Lectric Ebikes appears to be preparing for a major new product launch, teasing what looks like the next evolution of its wildly popular folding fat tire electric bike. Based on the clues, it looks like a new Lectric XP 4 could be inbound.
In a social media post released over the weekend, the company shared a minimalist graphic reading “XP4” along with the message “Tune in 5.6.2025 9:30AM PT.” That date – this Tuesday – suggests we’re just hours away from the big reveal of the Lectric XP 4.
If true, this would mark the next generation of the most successful electric bike in the U.S. market. The current model, the Lectric XP 3.0, has become an icon of accessible, budget-friendly electric mobility. Starting at just $999, the XP 3.0 offers a foldable frame, fat tires, a 500W motor, a rear rack, lights, and hydraulic brakes – all packed into a highly shippable design that arrives fully assembled. It’s the kind of package that has helped Lectric claim the title of best-selling e-bike brand in the U.S. for several years in a row.
With the XP 3.0 still going strong, the teaser raises plenty of questions. Will the XP 4.0 be a modest update or a major leap forward? Could we see new features like torque-sensing pedal assist, a location tracking option, or upgraded performance? Or is Lectric preparing a more comfort-oriented variant, maybe even with upgraded suspension or even more accessories included standard?
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The teaser image, which features stylized stripes in grey, blue, and black, may hold some clues. One theory is that the colors represent new trim options or component upgrades. Another possibility is that Lectric is preparing multiple variants of the XP 4.0 – perhaps targeting commuters, adventurers, and off-road riders with purpose-built versions. We took the liberty of a bit of rampant speculation late last year, so perhaps that’s now worth a revisit.
At the same time though, Lectric’s penchant for launching new models at unbelievably affordable prices has never run up against such strong pricing headwinds as those posed by uncertainty in the current US-global trade war fueled by rapidly changing tariffs for imported goods.
Previous versions of the Lectric XP e-bike line have seen sky-high sales
Whatever the case, Lectric’s knack for surprising the industry with high-value, customer-focused e-bikes means expectations will be high. The brand has built a loyal following by delivering reliable performance at a price point that few can match, and any major update to the XP lineup is likely to ripple across the market.
As a young and energetic e-bike company, Lectric is also known for throwing impressive parties around the launch of new models. It looks like I may need to hop on a red-eye to Phoenix so I can see for myself – and so I can bring you all along, of course.
Be sure to tune in Tuesday at 9:30AM PT to see what Lectric has in store – and you can bet we’ll have all the details and first impressions as soon as they drop.
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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.