Kia Corporation reported its third-quarter 2024 business results, indicating a notable increase in revenue and an increase in its annual consolidated financial outlook. With an operating profit margin of over 12%, the company’s new targets are to make KRW 12.8–12.2 trillion in operating profit and KRW 105–110 trillion in revenue.
For the third quarter of 2024, Kia recorded sales of KRW 26.52 trillion, a 3.8% increase over the same time the previous year. This trend was caused by a higher average selling price (ASP) for cars, which was bolstered by a higher proportion of sales of electric and recreational vehicles. Operating profit rose 0.6% to KRW 2.88 trillion, while net profit climbed 2.1% to KRW 2.27 trillion. In Q4 2022, Kia’s operating profit margin stayed in the double digits at 10.9% for the eighth consecutive quarter.
155,000 electric cars were sold globally in Q3 2024, according to Kia, a 3.6% rise from the year before. This development was fueled by the high demand for hybrid cars like the Sportage and Carnival models and the newly unveiled all-electric EV3 SUV. Currently, electric car sales account for 21% of Kia’s total sales, up 1.5% from the year before.
In the first nine months of 2024, Kia sold 2,319,390 automobiles worldwide, a 1.5% decrease from the previous year. However, gross income climbed 6.4% to KRW 80.30 trillion. Operating profit rose 8.8% to KRW 9.95 trillion, while net profit climbed 12.2% to KRW 8.34 trillion.
