London, January 24, 2025, (Oilandgaspress) –––Kia Corporation today announced its 2024 annual and fourth quarter business results, highlighting strong performance amid uncertain global market conditions. Kia recorded its highest annual global sales of 3,089,300 units in 2024, a 0.1 percent increase year over year. The company’s annual revenue also increased 7.7 percent to KRW 107.45 trillion. Operating profit climbed to KRW 12.67 trillion, up 9.1 percent compared with 2023, with an operating profit margin of 11.8 percent.
In 2024, Kia not only exceeded KRW 100 trillion of annual revenue for the first time, but also achieved its highest annual global sales, operating profit, and operating profit margin. This was due to the company’s highest ever global sales, an enriched product mix centered on high-margin and high-value-added models, and favorable exchange rates.
Q4 business results
In the fourth quarter of 2024, Kia reported global sales of 769,985 units, a five percent increase over its 2023 performance. Sales outside of Korea stood at 629,051 units, a 5.8 percent increase year over year, with sales of 140,934 units in Korea, a 1.6 percent increase.
Sales increased in major regions such as North America, the Middle East and Asia-Pacific, strengthened by the appeal of the company’s key recreational vehicles (RVs) and its diversified powertrain (PT) lineup. Sales rose 7.3 percent in North America amid the introduction of the new Carnival MPV Hybrid as well as the expanded sales of Kia’s Sportage and Telluride SUVs. Sales also increased 43.3 percent and 18.7 percent respectively in the Middle East and Asia-Pacific region.
The company posted fourth quarter revenue of KRW 27.15 trillion, an increase of 11.6 percent compared with the same period a year earlier. Kia’s fourth quarter revenue was supported by increased sales in major regions such as North America as well as an improved product mix and an increased vehicle average sales price (ASP).
Despite a slight increase in incentives and sales warranty provisions last year, Kia also achieved a quarterly operating profit of 2.72 trillion, with a double-digit operating profit margin for nine consecutive quarters since the fourth quarter of 2022. This was due to the company’s strong sales, driven by Kia’s product competitiveness and favorable exchange rates.
Sales of electrified vehicles
In the fourth quarter of 2024, Kia recorded global retail sales of 164,000 electrified vehicles, including hybrid (HEV), plug-in hybrid (PHEV), and all-electric (EV) models, representing a 14.5 percent increase from a year earlier. In addition, as a percentage of the company’s total sales, Kia’s electrified models increased by 1.6 percentage points to a 21.5 percent share in the fourth quarter.
In 2024, Kia sold a total of 638,000 electrified vehicles, a 10.9 percent year over year increase. Kia’s electrified models accounted for 21.4 percent of the company’s total sales, a 2.3 percentage point increase from a year earlier. This increase was driven by strong demand for hybrid vehicles, with sales of 367,000 units, a 20 percent increase year over year. The company’s EV sales also increased 10.2 percent to 201,000 units.
Highlights:
Kia posts 2024 Q4 global sales of 769,985 units, a 5% increase Y/y
Q4 revenue increased 11.6% to KRW 27.15 trillion
Operating profit of KRW 2.72 trillion; operating profit margin hits 10%
Global retail sales of electrified vehicles increased 14.5% to 164,000 units
Kia records highest annual global sales of 3.1 million units in 2024
2024 annual revenue increased 7.7% to KRW 107.45 trillion
Operating profit of KRW 12.67 trillion; operating profit margin hits 11.8%
Highest annual revenue, global sales, operating profit, and operating profit margin
In 2025, Kia targets global sales of 3.22 million units
Aims for annual revenue of KRW 112.5 trillion
Operating profit of KRW 12.4 trillion; operating profit margin of 11%
Maintain two-digit operating profit margin based on business competitiveness
Kia to achieve 2024 Total Shareholder Return of 33.3%, including annual dividends of KRW 6,500 and buyback shares of KRW 700 billion
Kia also aims to expand its 2025 Total Shareholder Return up to 35%
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