Kia Motors have announced that they will be investing $10.2 billion over the next five years for developing even more environmentally-friendly vehicles. The company aim to be the leader in the low emission car market by 2020.
The new five-year plan will see Kia increasing its research and development into fuel-efficient technologies and new products. These will then trickle down into all-new models with high advanced powertrains.
Ki-Sang Lee, Senior Vice President, Eco Friendly Vehicle R&D Center, Kia Motors Corporation, commented, “Global market demand is shifting to electric vehicles, with oil prices predicted to rise in future. The electric and plug-in hybrid vehicle market will grow rapidly in the coming years, and this investment will enable Kia to meet the growing demand with a range of advanced new products and technologies.”
Lee added, “We don’t believe that there is any one ‘silver bullet’ that can satisfy the demand for low emission technology within the car industry, so we foresee a wide range of eco-friendly powertrains co-existing for an extended period of time. The plans we’ve announced today represent Kia’s ambition to become a worldwide leader in advanced propulsion technology.”
Kia’s first hybrid model, aimed squarely at the highly successful Toyota Prius, is said to debut in 2017.