Kia announced its 2020 fourth-quarter business and reported a 5 percent year-on-year rise in quarterly revenue to 16.91 trillion South Korean Won (KRW). The company's SUVs like the Telluride, Seltos, and Sorento and the Carnival minivan accounted for 58.7 percent of the total sales volume and were the key drivers of sales for Kia globally.
During the October-December period, Kia sold 742,695 units across global markets, a slight decrease from 742,733 units compared to the same period last year. Sales in Korea decreased 5.2 percent to 137,389 units, due to the ongoing challenges presented by the Covid-19 pandemic and product disruptions. Sales outside of Korea climbed 1.2 percent to 605,306 with strong recovery in the U.S, alongside significant growth in India.
Both the Seltos and the Carnival have been strong sellers for the company in India as also globally
Kia Motors India's car sales have crossed the 2 lakh units mark, and the company is the fastest car manufacturer to reach the milestone in the country. The South Korean manufacturer sold the said number of cars in just 17 months.
The Kia Telluride is off to a flying start as well and bagged the WCOTY Car Of The Year
For full-year 2020, Kia's revenue rose 1.8 percent to KRW 59.17 trillion from KRW 58.15 trillion in 2019, while operating profit advanced 2.8 percent to KRW 2.1 trillion, up from KRW 2 trillion. Net profit decreased by 17.7 percent to KRW 1.5 trillion.
Full-year global sales volume decreased 7.6 percent from 2019 to 2.61 million units, with 552,400 units sold in Korea and 2.05 million across the rest of the world. For 2021, Kia is targeting global sales of 2.92 million units, a 12.1 percent increase compared to 2020 global sales volume.