Kia Shatters Records with Global EV Sales Surge

What?

Kia’s global EV retail sales hit a new record in May 2024, with a decrease in overall global vehicle sales but a surge in all-electric car sales. The company reported a 2.1% year-over-year decline in global vehicle sales, totaling 264,313 units, while retail all-electric car sales reached a new high of 19,407 units, marking a 93% increase from the previous year.

Why does it matter?

Kia’s expanding EV lineup, currently featuring three E-GMP-based models and upcoming additions, contributed to the boost in all-electric car sales. The company offers models like the EV5, EV6, EV9, Niro EV, Soul EV, and Korea-exclusive Ray EV and Bingo EV. Wholesale shipments of E-GMP-based models rose by almost 12,500 units, showing a 29% increase year-over-year, with the best-selling Kia EV6 accounting for 6,081 units.

Kia’s retail EV sales for the year have surpassed 80,000 units, with a growth rate estimated at up to 75%. Wholesale shipments of E-GMP-based models have exceeded 55,000 units year-to-date. The company aims to maintain its EV sales momentum with the upcoming launch of the all-new EV3 model in the latter half of 2024.

How is it going to shape the future?

Kia’s strong performance in the EV market, marked by record-breaking sales and an expanding lineup, indicates a promising future for the brand in the electric vehicle sector. With a focus on enhancing its EV offerings and increasing production and sales numbers, Kia is poised to continue its success in the global EV market. The launch of new models and the steady growth in sales demonstrate Kia’s commitment to sustainable mobility and its competitiveness in the evolving automotive landscape.