Kia reports record earnings on expanded sales of hybrids and SUVs

Hyundai Motor and Kia headquarters in Seoul / Courtesy of Hyundai Motor Group Combined earnings for Hyundai Motor, Kia reach new high in 2024 By Lee Min-hyung Kia set a new record in its 2024 earnings on expanded sales for hybrids and SUVs particularly in North America and other emerging markets, the carmaker said Friday in a regulatory filing. According to the carmaker, it generated sales of 107.44 trillion won ($75 billion) last year, up 7.

7 percent from the previous year, while operating profit also jumped 9.1 percent to 12.66 trillion won during the same period, both marking new record highs.



The robust earnings performance was driven by the carmaker’s increased sales in key regions, including North America, the Middle East and Asia-Pacific. Kia also attained decent profitability by improving its vehicle mix and launching diversified powertrain lineups, the carmaker said. Kia sold some 638,000 electrified vehicles, including hybrids and electric vehicles (EVs), worldwide last year.

This accounted for 21.4 percent of the firm’s total sales, which is an increase of 2.3 percentage points from the year before.

Hybrid sales were the carmaker’s major profit booster during the same period amid an ongoing downturn in the global EV industry. The firm’s hybrid sales increased 20 percent during the same period. It also achieved solid EV sales, which rose by 10.

2 percent. Kia's long-beloved Sportage SUV / Courtesy of Kia Kia also displayed its confidence in tackling the market slowdown by launching diverse new models in the global market. “We recently launched the Syros SUV in India, and are ready to introduce a number of strategic models, such as the Tasman pickup truck and a new EV that will break the ongoing EV chasm before its mass adoption,” an official from the carmaker said.

“We are also scheduled to launch our next-generation Telluride SUV around the end of this year.” Despite the sluggish growth of the global automotive industry, Kia increased its sales target to 112.5 trillion won for this year by strengthening its flexible auto mix.

“We are confident that Kia will be able to continue achieving a double-digit operating profit ratio even throughout this year on our differentiated vehicle competitiveness,” the official said. “Kia will also keep expanding sales of our hybrids and EVs in key developed markets in North America and Europe.” The combined operating profit of Hyundai Motor and Kia also set a new high of 26.

9 trillion won last year, after setting the previous record in 2023. Their combined sales also hit a record high of 282.67 trillion won during the same period.

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