The third-quarter 2024 business results were released by Kia Corporation, which showed a significant rise in revenue and an increase in its annual consolidated financial guidance. The company’s new goals are to generate KRW 105–110 trillion in revenue and KRW 12.8–12.2 trillion in operating profit, with an operating profit margin of more than 12%.
Kia reported KRW 26.52 trillion in revenue for the third quarter of 2024, a 3.8% rise over the same period the year before. A higher average selling price (ASP) for automobiles, supported by a higher percentage of sales of recreational and electric vehicles, was the reason for this development. While net profit increased by 2.1% to KRW 2.27 trillion, operating profit increased by 0.6% to KRW 2.88 trillion. For the eighth consecutive quarter from Q4 2022, Kia’s operating profit margin remained in the double digits at 10.9%.
In Q3 2024, Kia reported global retail sales of 155,000 electrified vehicles, a 3.6% increase over the previous year. Strong demand for hybrid vehicles, such as the Sportage and Carnival hybrids, as well as the recently released all-electric EV3 SUV, drove this development. Sales of electric vehicles currently make up 21% of Kia’s overall sales, an increase of 1.5% from the previous year.
Kia reported 2,319,390 cars sold worldwide in the first nine months of 2024, a 1.5% year-over-year decline, but gross revenue increased 6.4% to KRW 80.30 trillion. Net profit increased by 12.2% to KRW 8.34 trillion, while operating profit increased by 8.8% to KRW 9.95 trillion.
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