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Kia will be rolling out its first purely electric vehicle after making changes

Kia Corporation of the Hyundai Motor Company announced that it would be rolling out its first purely electric vehicle in a series of seven cars that it intends to dispatch in the market in the next six years. Kia rebranded its logo, altering the color and font and plucking out “Motors” from its name. Ho Sung Song’s CEO revealed these changes in a meeting outlining their intention to dispatch over 500000 electric vehicles in the next five years and clock 800000 by the end of the decade. The company has projected a $26 billion budget to manufacture electric cars spread out in the next five years. The company will be utilizing the Hyundai Motors platform to recharge the cars in less than 20 minutes.

Song explained that they are transitioning from the old manufacturing-oriented business structure to the new business trends to remain relevant in this market. He added that they are planning to be competitive in the electric vehicle market that will be visible in South Korea, Europe, and the US with the ongoing changes. Kia is also creating a platform where they can manufacture electric vehicles based on the customers’ customized preferences. One of these models will be in the market before 2025. Kia outlined that the demand could rise for these electric vehicles forcing the logistics and delivery department to upgrade their services to e-commerce and car-sharing services. The company expects this year’s sales to clock 2.92 million electric vehicles, increasing by 12 percent from last year’s values.

Elsewhere, Proterra Inc. signed a particular purpose acquisition contract with ArcLight Clean Transition Corporation to widen its capital base while allowing its shares to be enlisted in the public stock market. This deal will also incorporate investors like Fidelity Management & Research Co., Daimler Trucks, BlackRock, and Franklin Templeton. Additionally, this deal raised the stakes of ArcLight Clean’s shareholders to 78 percent. This move is one of the company’s strategies to raise enough capital to start rivaling mega electric vehicle companies like Tesla that have recorded considerable profits because of their products. Meanwhile, Lucid Motors is also preparing to enter a special purpose acquisition contract to gain tact in this industry. This trend appears to be the appropriate solution to thrive in the market and command a market share that can compete Tesla with Nikola Corporation and Fisker Inc.’s strategy last year.

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