Kia global Q3 sales tumble, India emerges as ray of hope
Kia’s global sales witnessed a decline in the third quarter of 2024. Despite the overall global slowdown, Kia India continued to gain momentum, postin
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- Kia’s global sales witnessed a decline in the third quarter of 2024. Despite the overall global slowdown, Kia India continued to gain momentum, posting an increase in sales during the same period.
The Korean automaker, Kia has announced its third quarter sales for 2024. Interestingly, the automaker has stated that India along with North America, the Middle East and the Asia-Pacific region have seen sales increase significantly, driven mainly due to the recreational vehicles on offer in the region. In India, Kia markets the Carens as a RV.
While the company has seen an increased sales in these given regions, it noted that overall, Kia has seen a downward trend in global sales. Kia sold 7,63,693 units in the third quarter of 2024, a 1.9 per cent decrease year over year. The company stated that this was due to the temporary suspension of production at certain Kia plants as part of upgrades to facilities.
(Also read: Sonet continues to lead sales chart as Kia India posts 17% growth in Spetember)
Moreover, the temporary gap in sales of some models was a result of optimizations to vehicle lineups. Meanwhile, for the nine months through September this year, Kia sold 23,19,390 units globally, down 1.5 per cent year over year.
EV sales down while electrified vehicle witness growth
In addtion to decling global sales, a decrease in EV sales was also seen due to reduced subsidies. Additionally lack of supply of the company’s popular subcompact vehicles in Europe, contributed to an overall sales decrease outside of Korea of 0.8 per cent.
Sales in Korea also decreased, despite a growth in sales of the company’s hybrid models. This was due to an overall decrease in demand across the automotive industry as well as the temporary suspension of production at the Kia AutoLand Hwaseong facility in Korea.
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In the third quarter of 2024 Kia recorded global retail sales of 155,000 electrified vehicles, including hybrid (HEV), plug-in hybrid (PHEV) and all-electric vehicles, representing a 3.6 percent increase from a year earlier. This was led by strong demand for HEV models, such as the Sportage Hybrid and Carnival Hybrid as well as new models, such as the all-electric EV3 SUV. Interestingly, the Kia EV3 is expected to be brought to the Indian shores sometime in 2025.
Kia’s electrified vehicles accounted for 21 per cent of the company’s total sales in the third quarter, an increase of 1.5 per cent. This increase was driven by strong demand for hybrid vehicles, with sales of 84,000 units, a 10 per cent increase year over year. Plug-in hybrid sales stood at 17,000 units, a 26.7 per cent decrease year over year. The company’s EV sales increased 8.3 per cent to 54,000 units.
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First Published Date: 28 Oct 2024, 13:06 PM IST
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