MEMPHIS REISEN

Kia Global EV Retail Sales Hit A New Record In March 2024

Kia reports that its global vehicle sales in March amounted to 272,026, 2.4% less than a year ago. The total sales during the first quarter of 2024 exceeded 760,000 (down 1% year-over-year).

The South Korean manufacturer’s all-electric car sales increased quickly and last month was especially strong.

Kia EV lineup is expanding

Currently, Kia offers three E-GMP-based models (EV5, EV6 and EV9), while two more (EV3 and EV4) are just around the corner. On top of that, the company also sells Niro EV, Soul EV, Bingo EV and Ray EV (the two last ones in South Korea only).

According to Kia, in March, its retail all-electric car sales amounted to 19,061 units, about 79% more than a year ago (estimated). It’s a new monthly record. Additionally, the share of EVs out of the brand’s total volume improved to 6.9% (compared to 4.7% a year ago).

The retail sales include multiple models (EV5, EV6, EV9, Niro EV, Niro Plus EV, Soul EV, as well as the Korea-only Ray EV and Bingo EV).

At the same time, wholesale shipments (closely related to production) of Kia’s E-GMP-based models amounted to 12,318, up 11% year-over-year. This includes production of the EV6 and EV9 in South Korea and the EV5 in China.

Kia reports wholesale sales (on the manufacturer level or plant sales)—unless otherwise specified, the numbers are unaudited and on a preliminary basis.

The wholesale shipments of the Kia EV9 amounted to 3,554 units, compared to 8,441 Kia EV6. The Kia EV5 noted 323 units (China).

Kia wholesale BEV sales last month (YOY change):

• EV5: 323 (new)
• EV6: 8,441 (down 24%)
• EV9: 3,554 (new)
• E-GMP BEVs: 12,318 (up 11%)

The recent Kia sales reports were published with a significant delay and seem to be a bit buggy in a few spots (including February numbers). This is why we are not entirely sure about the Q1 sales results.

We believe that in Q1, Kia’s retail EV sales exceeded 45,000, up 69% year-over-year. However, we have to wait and see whether further reports will dispel doubts. Meanwhile, the wholesale shipments of E-GMP-based models exceeded 35,000.

Kia wholesale BEV sales year-to-date (YOY change):

• EV5: 1,251 (new)
• EV6: 23,307 (down 13%)
• EV9: 11,150 (new)
• E-GMP BEVs: 35,710 (up 33%)

For reference, in 2023, Kia wholesale shipments of E-GMP-based electric cars amounted to 132,711 (up 59% year-over-year). Retail EV sales (all models) exceeded 130,000.