Kia's Q3 Global Sales Decline by 1.9% YoY; Sells About 7.64 Lakh Units

Kia, the renowned South Korean auto manufacturer, has reported its sales figures for the third quarter of this year. The company highlighted notable increases in sales across India, North America, the Middle East, and the Asia-Pacific region, primarily due to the popularity of recreational vehicles in these markets. However, despite this growth in specific regions, the brand has faced an overall decline in global sales. In the third quarter, the automaker sold approximately 7.64 lakh units, reflecting a 1.9 per cent dip, compared to the same period in 2023. Kia attributed this decline to temporary production halts at certain plants due to facility upgrades.

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Kia 2024 Q3 Global Sales

The temporary sales decline for certain models was linked to adjustments in the vehicle lineups. From January to September this year, Kia's global sales totalled about 23.19 lakh units, a decrease of 1.5 per cent compared to the previous year. Additionally, electric vehicle sales saw a decline due to lower subsidies, while a shortage of popular subcompact models in Europe contributed to a 0.8 per cent drop in sales outside of Korea. In South Korea, sales also fell, even with a rise in hybrid model sales. This decline was mainly due to reduced overall demand in the automotive market and a temporary production shutdown at the Kia AutoLand Hwaseong facility.

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In the third quarter of 2024, Kia reported global retail sales of 1.55 lakh electrified vehicles, encompassing hybrids (HEVs), plug-in hybrids (PHEVs), and all-electric models. This represents a 3.6 per cent increase from the previous year, driven primarily by strong demand for HEVs such as the Sportage Hybrid and Carnival Hybrid, along with the introduction of the new all-electric EV3, expected to arrive in India sometime next year.

Electrified vehicles accounted for 21 per cent of the company's overall sales during this quarter, reflecting a 1.5 per cent rise. This growth was mainly due to high sales of hybrids, which totaled 84,000 units – a 10 per cent increase year-over-year (YoY). In contrast, PHEV sales fell to 17,000 units, a decline of 26.7 per cent. Meanwhile, sales of electric vehicles grew by 8.3 per cent, reaching 54,000 units.