Kia Achieves Record-Breaking Global Electric Vehicle Sales in Q2 2024

Kia’s Global Sales Dip in June, Yet Electric Vehicles Surge

Kia Motors has reported a slight decline in its global vehicle sales for June, with a nearly 4% year-over-year decrease to 267,536 units. This brings the H1 2024 total to approximately 1.55 million units, marking a 1.4% decrease compared to the previous year. However, the automaker sees a silver lining in its electric vehicle (EV) segment.

Strong Performance in the EV Sector

Despite the overall dip in sales, Kia’s all-electric vehicle segment is performing exceptionally well. The company recorded retail sales of 17,603 EV units in June, accounting for 7% of its total sales volume. This figure represents a 49% increase from the same period last year.

Expanding EV Lineup

Kia’s lineup of electric vehicles is rapidly expanding. Currently, the automaker offers three E-GMP-based models—the EV5, EV6, and EV9. Additionally, two more models, the EV3 and EV4, are expected to debut soon. Other models in the EV roster include the Niro EV, Soul EV, Bingo EV, and Ray EV, the last two of which are exclusive to the South Korean market.

Retail and Wholesale Sales Analysis

The retail sales figures encompass multiple models such as the EV5, EV6, EV9, Niro EV, Niro Plus EV, Soul EV, Ray EV, and Bingo EV. Kia plans to further bolster its EV sales with the anticipated launch of the all-new EV3 in the latter half of 2024.

On the production front, wholesale shipments of Kia’s E-GMP models—including the initial production of the EV3—totaled just 6,000 units in June, a 43% decline year-over-year. This drop includes models like the EV3, EV6, and EV9 produced in South Korea and the EV5 produced in China. Nevertheless, this slowdown is expected to be temporary.

• Wholesale E-GMP BEV sales for June:
  • EV3: 20 units (new)
  • EV5: 881 units (new)
  • EV6: 3,481 units (down 62%)
  • EV9: 1,597 units (up 19%)
  • Total: 5,979 units (down 43%)

Q2 2024 and Year-to-Date Highlights

Kia set a new record in Q2 2024 with retail EV sales hitting 54,150 units. Cumulatively, the first half of 2024 saw retail EV sales surpassing 98,000 units. In terms of wholesale shipments, E-GMP-based models exceeded 61,000 units, indicating an 8% increase year-over-year.

• Year-to-date wholesale E-GMP BEV sales:
  • EV3: 29 units (new)
  • EV5: 5,046 units (new)
  • EV6: 38,597 units (down 30%)
  • EV9: 17,498 units (up 1,174%)
  • Total: 61,170 units (up 8%)

For perspective, Kia’s wholesale shipments of E-GMP-based electric vehicles reached 132,711 units in 2023, which was a 59% increase over 2022.

U.S. Market Performance

In the United States, Kia more than doubled its all-electric vehicle sales both in June and in Q2 2024, indicating a robust performance in this crucial market.

Conclusion

Despite a slight dip in overall sales, Kia’s EV segment continues to show remarkable growth. With a strong lineup of electric models and new releases on the horizon, Kia is well-positioned to strengthen its foothold in the EV market. For more updates and insights into the automotive industry, follow @automotivefyi on X (formerly Twitter), visit Automotive.fyi, or email us at tips@automotive.fyi.

William Kouch, Editor of Automotive.fyi