Kia's European and Korean sales surge as general markets decline over Q1
With 635,000 vehicles sold across the world – an increase of 12.4% over 2011 – the company recorded revenues of 11.8 trillion Korean Won (£6.5bn), up 10.6%, and net profit of 1.2 trillion Korean Won (£625m), up 26%.
Despite a fall in domestic sales, all other parts of the world saw dramatic increases in vehicle sales and for the first time the United States market overtook Korea as the company’s biggest.
The European market saw sales increase from 63,000 units in 2011 to 79,000 this year – a 24.6% increase. China recorded a 14.7% increase with numbers rising from 95,000 to 110,000, but in the United States an almost 32% surge in demand saw sales rise to 138,000 in the first quarter of 2012 compared to 105,000 units in the same period last year. @PR[email protected]
The Korean market performance fell by 8% from 125,000 to 115,000. Other markets around the world accounted for sales of 194,000 – a 9.9% increase over the 2011 figure of 176,000.
The United States growth came largely from passenger cars – a pattern repeated in Europe and China. In Korea and other world markets passenger car sales remained relatively static.
In all markets except Korea, Kia’s sales growth was in excess of market trends. In Europe Kia’s growth of 24.6% came despite the market falling by 7.1% and in China the growth of 14.7% was contrary to the market’s fall of 0.8%. In the United States the dramatic surge surpassed the market’s increase of 13.3 %. The Korean sales performance reflected the fall in the country’s overall market performance.