South Korean automaker KIA having sold an impressive 2.61 million units in pandemic-struck year 2020 is eyeing to achieve a sales target of nearly 3.0 million units in 2021.
During the last quarter of 2020, Kia sold a total of 7,42,695 vehicles across the globe. This, when compared to the last quarter of 2019 (7,42,733 units) shows a fractional drop, reason being the decline in sales in its home market– South Korea, according to KIA.
While sales in South Korea were down by 5.2% to 1,37,389 units in 2020, the overall sales figures outside the home market grew by 1.2% to 6,05,306 units. KIA posted a strong recovery in the US, along with a huge sales growth in India where it managed to post operating profits in its very first full year of operations, thanks to an outstanding sales performance by Seltos and Sonet crossover SUVs.
KIA enjoyed an increase in its operating profit for the fourth quarter in 2020, at KRW 1.28 trillion which is almost double compared to the same period of previous year. The net profit increased to KRW 976.8 billion witnessing an increase of 182% on a year-on-year basis. Reportedly, the largest portion of KIA’s global sales came from SUVs accounting for 58.7% of the overall sales volume, attributing to the biggest profit share.
However, KIA’s global sales for 2020 saw a year-on-year drop of 7.6% with a total of 2.61 million vehicles sold. According to the company, 5,52,400 units were sold in South Korea whereas 2.05 million vehicles were sold in the rest of the world. For 2021, the South Korean automaker is targeting a global sales figure of 2.92 million units, or a 12.1% annual sales growth. The company plans to retail 5,35,000 vehicles in its home market, and 2.39 million vehicles in other markets combined.
KIA is also enjoying handsome sales in Pakistan, though not being a member of PAMA (Pakistan Automobile Manufacturers Association), their sales data isn’t reflected in PAMA sales charts. However according to industry analysts, the automaker is selling around 1,500 units a month, majority being the Sportage. KIA is also in process of introducing at least 4 new models in Pakistan before June 2021, which will further strengthen its grip on the local automobile market.