For the first quarter of 2024, Kia recorded global sales of 760,515 units, a one percent decrease year over year. The company's quarterly revenue increased 10.6 percent to
Quarterly sales slightly decreased compared to the same period last year, due to the adjustment of the EV adoption phase and temporary supply shortage of ICE and HEV models. The company's profitability still expanded due to stabilized raw material prices, favorable exchange rates, and improved product mix centered on high-value-added models.
Kia's Q1 business results
In the first quarter of 2024, Kia reported global sales of 760,515 units, a one percent decrease from a year earlier. Sales outside
Despite sales decreasing in certain emerging markets due to geopolitical risks, the strong demand in major regions such as
The company posted first quarter revenue of
The same factors, as well as stabilized raw material prices, saw Kia's first quarter operating profit increase 19.2 percent to
Sales of electrified models
In the first quarter of 2023, Kia recorded global retail sales of 157,355 electrified vehicles, including hybrid, plug-in hybrid, and all-electric models, representing an 18.1 percent increase from a year earlier. In addition, as a proportion of the company's total sales, Kia's electrified models increased by 3.5 percentage points to a 21.6 percent share in the first quarter.
This increase was driven by strong demand for self-charging hybrid vehicles, which recorded sales of 93,424 units, a 30.7 percent increase, while plug-in hybrids saw 20,021 units sold, a five percent decrease year over year. The company's EV sales increased 7.9 percent to 43,910 units.
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Future outlook
Kia anticipates global market uncertainties will persist in 2024, with ongoing geopolitical risks, high interest rates and inflation. The company is also closely monitoring the changing automobile market, including elements such as intensifying competition and the adjustment of the EV adoption stage. The company plans to maintain optimized inventory levels through flexible production operations based on market demands, while continuing its business operations centered on profitability and customer value.
Kia plans to continue to expand sales in
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In
Through such plans, Kia is aiming for global sales of 3.2 million units in 2024, a 3.6 percent increase over 2023. Kia also recently presented a strategic roadmap to lead the global electrification era through EVs, HEVs and PBVs at the company's 2024 CEO Investor Day.
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