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Kia is making significant strides ahead of Hyundai. Photo: Kia. |
According to The Korean Car Blog, Kia surpassed Hyundai for the first time to become the best-selling domestic car brand in South Korea during the first quarter.
Outperforming in Sales and Market Value
The automotive website reported a 12% decline in South Korea’s domestic car market in the first quarter, with 322,211 cars sold in the first three months. Of these, Kia was the top-selling brand with 137,622 units sold, thanks to popular models like the Kia Carnival, Kia Sorento, and Kia Sportage.
The Kia Sorento achieved an impressive 65% growth in the first quarter, selling 26,929 units in South Korea. Meanwhile, the Kia Carnival and Kia Sportage grew by 14.5% and 14.3%, respectively.
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The Kia Sorento is the brand’s flagship model in its home market. Photo: Kia. |
In contrast, Hyundai’s sales in South Korea dropped by 21.2% in the same period, totaling 126,197 vehicles. Despite a remarkable 196% growth in sales of the Hyundai Santa Fe, the stagnation of other models like the Hyundai Porter and Hyundai Granzer contributed to Hyundai ceding its top position to its “younger” sibling, Kia.
Not only has Kia surpassed Hyundai in sales, but it has also caused a stir by overtaking Hyundai in market value.
Earlier this year, The Korea Times reported that Kia’s market capitalization reached 41.37 trillion KRW (approximately 30.52 billion USD), surpassing Hyundai’s market value by about 200 billion KRW (around 147.6 million USD).
This event surprised observers, as Kia is often considered a subsidiary brand owned by the Hyundai Motor Group since its acquisition in 1998, which rescued Kia from bankruptcy.
However, Kia’s electrification strategy seems to be paying off, helping the South Korean brand gradually strengthen its identity and increase its profits.
Electric Vehicles as the Key
According to Jung Yongjin, an analyst at Shinhan Securities, the growing demand for affordable electric vehicles could be the key to Kia’s continued success and increased brand value.
Kia’s “Electric Vehicles for All” strategy, unveiled at CES 2024, aims to cater to a wider range of customers with electric vehicles priced between 30,000 USD and 80,000 USD.
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Kia confirms its “Electric Vehicles for All” strategy with a diverse range of models. Photo: Kia. |
The analyst predicts a 50% growth in Kia’s electric vehicle sales this year, expecting to reach 270,000 units globally. With competitors restructuring their electric vehicle divisions, a 50% growth for Kia would be an impressive achievement.
Last week, Kia started exporting the Kia EV5 from China to various global markets, including left-hand drive and right-hand drive versions. The EV5 is exclusively produced at Kia’s Jiangsu plant in China.
The Kia EV5 is a pure electric C-segment SUV first introduced in China in August 2023 and later globally launched in October 2023. It has dimensions of 4,615 x 1,875 x 1,715 mm (length x width x height) and a wheelbase of 2,750 mm.
The front-wheel-drive version of the Kia EV5 is equipped with an electric motor producing 215 horsepower. The all-wheel-drive version adds a second motor on the rear axle, resulting in a combined output of 308 horsepower. The top speed of this electric C-SUV is 185 km/h.
The Kia EV5 was also recently showcased at the Bangkok International Motor Show 2024 in Thailand, with four trim levels and a starting price of 34,300 USD.
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The Kia EV5 is the brand’s newest electric vehicle. Photo: Car News China. |
Meanwhile, in its home market, Kia introduced its smallest electric vehicle in August 2023. The Kia Ray EV is priced at 27.35 million KRW (approximately 20,175 USD) and features a 32.2 kWh LFP battery pack, offering a maximum range of 205 km on a single charge.
The Korea Times reported that in 2023, the combined sales of electric vehicles from Kia and Hyundai totaled 516,441 units, with about 80% of those sold in overseas markets. The best-selling electric models from these brands include the Hyundai Kona EV, Hyundai Ioniq 5, Kia Niro, and Kia EV6.
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