South Korean automaker Kia Corporation has reappointed Song Ho-sung as its CEO for another three-year term, after the company’s shareholders voted in favour of extending his leadership at the annual shareholders meeting in Seoul last week.
The vote was an endorsement of Song Ho-sung’s leadership over the last six years, which has seen the automaker grow its global sales from 2.6 million units in 2020 to 3.1 million units in 2024, generating annual revenues of over KRW100trn for the first time last year. The company’s actual revenues increased by almost 8% to KRW107trn (US$74bn) in 2024.
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At the shareholders meeting, Song Ho-sung confirmed the automaker’s commitment to driving up electric vehicle (EV) usage globally and expanding its purpose-built vehicle (PBV) business.
Kia is targeting a 4% increase in global sales to 3.22 million units in 2025, with a medium-term target of delivering more than 4.3 million vehicles by 2030, including 1.6 million battery electric vehicles (BEVs).
In the first quarter of this year the automaker unveiled the Tasman, the company’s first-ever pickup truck, and the EV4 battery-powered sedan. In January the company launched production of the Syros in India, a small SUV specifically designed for the local market.
Kia also plans to release a battery-powered PBV model every two years, starting with the PV5 later this year, followed by the PV7 in 2027 and the PV9 in 2029.
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By GlobalDataAlso at the meeting, Kia’s shareholders approved an amendment to the company’s articles of incorporation to include real estate development as one of its businesses, to reflect its plan to build a network of wholly-owned flagship stores.
