For 2023, Kia recorded global sales of 3,087,384 units, a 6.4 percent increase year over year. The company's annual revenue also increased 15.3 percent to
Kia achieved its strongest annual business results in 2023 across all business indicators. This was due to the company's highest ever global sales, an enriched product mix centered on high-margin and high-value-added models, maintained low sales incentives, and favorable exchange rates.
Kia's Q4 business results
In the fourth quarter of 2023, Kia reported global sales of 733,155 units, a 0.4 percent increase over its 2022 performance. Sales outside of
The strong demand in major regions such as
The company posted fourth quarter revenue of
Despite lower raw material costs, the company's quarterly operating profit decreased by six percent to
Kia achieved a quarterly operating profit of more than
Sales of electrified models
In the fourth quarter of 2023, Kia recorded global retail sales of 143,000 electrified vehicles, including hybrid, plug-in hybrid, and all-electric models, representing an 18.1 percent increase from a year earlier. In addition, as a percentage of the company's total sales, Kia's electrified models increased by 2.9 percentage points to a 19.9 percent share in the fourth quarter.
Electrified models were a major driving force in Kia's vehicle sales during the final quarter of 2023. In Western European countries, sales of electrified models accounted for 42.5 percent of quarterly vehicle sales, with the proportion at 39.3 percent and 14 percent for
In 2023, Kia sold a total of 576,000 electrified vehicles, an 18.2 percent year over year increase. Kia's electrified models accounted for 19.1 percent of the company's total sales, a 2.3 percentage point increase from a year earlier.
2024 outlook
Kia anticipates global market uncertainties will persist in 2024, such as high interest rates and inflation. However, the company aims to further bolster its initiatives and achieve sustainable growth through its structured, positive business cycle and global EV leadership, which will be solidified by the brand's expanded model lineup.
To achieve its aim, Kia will continue its sales growth of highly appealing models in major markets such as
Despite concerns over slowdowns in the EV market, Kia plans to strengthen its global leadership and sales, with the continued market rollout of the all-electric Kia EV9 three-row SUV - recently named the North American Utility Vehicle of the Year - in major markets, as well as enhancing the brand's lineup with the new EV3 and EV5.
Through such plans, Kia is aiming for global sales of 3.2 million units in 2024, a 3.6 percent increase compared with 2023. Kia also aims to achieve revenue of
Kia also plans to enhance shareholder value and return profits from high growth by setting the dividend per share at
As part of the mid- to long-term share buyback program announced in early 2023, the company will continue to strengthen shareholder value by expanding the cancellation ratio of repurchased stock to 100% conditionally (originally 50%), in addition to buyback of up to
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