Kia reported a 13.8 per cent year-on-year rise in quarterly revenue to KRW 16.58 trillion. Despite unfavorable exchange rates, the company's improved product mix and strong performance of key models such as Telluride and Seltos SUVs contributed to higher revenue.
During the January to March period, Kia sold 689,990 units across global markets, a 6.4 per cent increase compared to the same period last year. Sales in Korea rose 11.4 per cent to 130,075 units, with robust sales of the company's new models, including the new Sorento SUV, and Carnival minivan, behind the increase.
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The Sonet SUV alone sold over 25,000 units in India during the first three months
Sales outside of Korea also saw a 5.3 per cent increase to 559,915 units, with recoveries of demand in global markets, alongside significant growth in India. The Sonet SUV alone sold over 25,000 units in India during the first three months, contributing to a 38.3 per cent year-on-year increase of Indian sales.
The company's first-quarter operating profit more than doubled from a year earlier to KRW 1.08 trillion, with an operating profit margin of 6.5 per cent. The company's net profit also soared to KRW 1.04 trillion, up 289.2 per cent during the same period.
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Sales of Kia's RV models accounted for 59.7 per cent of the total sales volume
The strong performance was supported by Kia's enhanced global product mix as well as the ongoing success of the brand's high-margin RV models, including Telluride, Seltos, and Sorento SUVs and the Carnival minivan. Sales of Kia's RV models accounted for 59.7 per cent of the total sales volume, the highest ever RV share and a 6.4 percentage points increase from the same period last year.
For 2021, Kia is targeting global sales of 2.92 million units, a 12.1 per cent increase compared to 2020 global sales volumes. The company is targeting domestic sales of 535,000 units and 2.39 million units for sales outside of Korea.
