Korea’s Kia posts higher global automobile sales in 1Q

Market: Battery materials
27/04/23

South Korean automobile manufacturer Kia is preparing to maximise production to deal with peak automotive demand in the second quarter of the year, after posting higher global sales for January-March.

Global sales for the first quarter were up by 12pc on the year to 768,251 units, Kia said on 26 April. Domestic sales rose by around 17pc from a year earlier to 141,740 units and overseas sales increased by 11pc to 626,511 units. The firm attributed the stronger sales to stable production and an expansion of available inventories.

Kia expects competition for sales among global automotive companies to intensify in the second-quarter peak season, with it planning to roll out incentives and price policies to attract buyers.

Its global retail electric vehicle (EV) sales were around 133,000 units during January-March, up by 21pc on the year. Electrified models made up 18.1pc of its total sales, up by 2.3 percentage points from a year earlier.

Regions out of western Europe and the US made a greater contribution to its EV sales owing to Kia's efforts to expand EV sales across markets. The two regions made up around 59pc of its total EV sales, down from 74.7pc a year earlier, with South Korea and emerging markets accounting for 34.3pc and 6.7pc respectively.

Kia's revenue during January-March was also up by 29pc from a year earlier to 23.69 trillion won ($17.9bn), while its operating profit rose by 79pc to W2.87 trillion, surpassing records in the previous quarter.

South Korean automaker Hyundai Motor, the parent company of Kia, announced in April plans to invest W24 trillion in the country's domestic EV industry by 2030. Hyundai plans to scale up its domestic and global EV production to 1.51mn units/yr and 3.64mn units/yr by 2030, respectively, by investing in its EV models such as the Kia and Genesis brands.

By Joseph Ho

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02/05/25

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02/05/25

Australia's Coalition eyes power, resource funding cuts

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01/05/25

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01/05/25

Ukraine, US sign reconstruction deal

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30/04/25

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30/04/25

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China's Easpring builds lithium CAM facility in Finland

30/04/25

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30/04/25

China's Easpring builds lithium CAM facility in Finland

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