Kia Corporation reported fourth-quarter sales of 27.1 trillion won ($20.2 billion), an 11.6% increase year-over-year, driven by strong demand for hybrid and electric vehicles in key markets.
The company’s operating profit rose 10.2% to 2.7 trillion won ($2 billion), though operating margin slightly decreased to 10% from 10.1% a year earlier as higher incentives and raw material costs offset gains from improved product mix.
Global retail sales volume grew 6% to 764,000 units in Q4, with U.S. sales jumping 19.4% on robust demand for the Carnival minivan and Sportage SUV. However, Western European deliveries fell 6.9% due to production constraints and weaker PHEV sales.
The share of electrified vehicles reached 21.5% of total sales, up from 19.9% last year. Kia aims to boost this further in 2025 with new battery-electric models including the EV4 crossover and EV5 SUV.
For 2024, the company forecasts modest growth with a 3.5% global market share target, while warning of intensifying competition and economic uncertainties in major markets. Capital spending will focus on EV development and expanding production capacity in key regions.
