Kia Global’s Revenue Increased By 3.8 Per Cent In Q3 2024

Kia Corporation has announced improved financial results for the third quarter of 2024, with revenue increasing 3.8 per cent to KRW 26.52 trillion. The company has raised its annual consolidated financial targets, projecting revenue of KRW 105-110 trillion and operating profit of KRW 12.8-13.2 trillion.

The automotive manufacturer reported a Q3 operating profit of KRW 2.88 trillion, up 0.6 per cent, while net profit rose 2.1 per cent to KRW 2.27 trillion. The company maintained a double-digit operating profit margin of 10.9 per cent for the eighth consecutive quarter.

Global sales reached 763,693 units, showing a slight decline of 1.9 per cent year-over-year. Despite this, the company saw increased sales in North America, India, the Middle East, and the Asia-Pacific region, driven by popular models like the Sportage and Telluride SUVs.

The EVs showed positive momentum, with 1,55,000 units sold globally, representing a 3.6 per cent increase. Hybrid vehicle sales also grew by 10 per cent to 84,000 units, while EV sales increased by 8.3 per cent to 54,000 units. However, plug-in hybrid sales decreased by 26.7 per cent to 17,000 units in the global market.

For the first nine months of 2024, Kia reported total sales of 2,319,390 units, though down 1.5 per cent year-over-year. The company's revenue for this period reached KRW 80.30 trillion, which is 6.4 per cent more than before, with operating profit increasing 8.8 per cent to KRW 9.95 trillion.

Looking ahead, Kia plans to strengthen its market position through flexible production systems and expanded sales of recreational vehicles and hybrid models. The company will also focus on new model launches, including the K8 Hybrid, Carnival Hybrid, and the all-electric EV3 SUV, while maintaining its commitment to enhancing shareholder value through continued treasury stock cancellation.