Kia is on the verge of breaking its all-time annual sales record, buoyed by strong sales in the U.S. hybrid market and the European electric vehicle sector. Unlike Hyundai, which has lowered its annual sales target, Kia continues to grow its domestic and international sales. The company is also set to launch new models next year, further boosting sales expectations.
According to the automotive industry on November 8, Kia's global cumulative sales from January to October reached 2,769,954 units, a 5.1% increase compared to the same period last year. Domestic sales, excluding special vehicles, rose by 7.4% to 487,308 units, while overseas sales increased by 4.5% to 2,276,335 units.
This growth has heightened expectations that Kia will meet its annual sales target of 3.35 million vehicles for the first time in 12 years. If the October sales figure of 291,219 units is maintained through November and December, annual sales will surpass 3.35 million, representing an increase of about 210,000 units compared to last year's total of 3,135,873.
Kia's growth stands in stark contrast to Hyundai's performance. Hyundai has adjusted its global wholesale sales target down from 4,158,300 to 4 million vehicles due to sluggish global sales and external uncertainties. In October, Hyundai's domestic and international sales fell by 6.3% year-on-year to 329,773 units, while Kia's sales grew by 10.3% to 291,219 units during the same period.
Analysts attribute Kia's growth to its effective product strategy tailored to regional demands. Sales have surged in the U.S. for hybrid vehicles and in Europe for electric vehicles. In the third quarter of this year, U.S. hybrid vehicle sales soared to 69,000 units, a staggering 118% increase from the previous year, with the local hybrid market share reaching a record 10.6%.
Looking ahead, Kia is expected to maintain its growth momentum with new model launches. The company plans to introduce a refreshed K5 model equipped with the next-generation infotainment system, Pleos Connect, in March, followed by the domestic production of an all-new Sportage model in July. Global wholesale sales are projected to exceed 3.4 million units next year.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.