Kia Reports 88% Surge in EV Sales Despite Overall Q1 Decline

Kia’s Q1 2024 Sales Overview

• Kia’s Q1 2024 sales figures show a 2.5% decrease compared to the same period in 2023.
• Despite the overall decline, Kia experienced a significant positive trend with a surprising 88% surge in EV sales.
• SUVs proved to be a major driver of sales growth for Kia, accounting for a significant 79% of the Korean brand’s total deliveries in Q1 2024.

Kia’s Q1 2024 Performance

Kia has released its sales figures for the first quarter of 2024 in the US, revealing a 2.5 percent decrease compared to the same period the previous year. This marks the end of the automaker’s quarterly growth streak, despite a surprising 88 percent surge in EV sales and strong performance from SUVs.

Key Highlights

Despite year-to-year sales declines in January, February, and March, the American division of the Korean brand still achieved its second-best quarter ever in terms of sales volume for Q1 2024. Additionally, with several new and refreshed models in the pipeline, there remains a level of optimism about the company’s future.

More: Ford EV Sales Nearly Double In Q1, Hybrids Up 42%

In March 2024, Kia sold a total of 69,472 units, marking a decline of 1,822 units compared to March 2023. This drop can be attributed largely to decreased sales of the K5, Soul, and Rio models, the latter of which has been discontinued from the lineup. However, the Sportage and the refreshed Sorento experienced significant gains, while the Seltos and Telluride SUV counterparts maintained relatively stable performance.

Record SUV Sales for Kia

Kia achieved its highest-ever SUV sales in 2024, surpassing any other month in its history. Utility vehicles, including both gasoline and electric models, made up 79 percent of the Korean brand’s total deliveries in Q1 2024, marking a notable 9 percent increase compared to the previous year.

Future Prospects

The Korean automaker has high hopes for the all-new Kia K4 sedan, recently unveiled as a replacement for the Forte. Despite being near the end of its lifecycle, the Forte remains Kia’s second best-selling model, with positive sales numbers in March and Q1 of 2024 compared to last year.

Eric Watson, vice president of sales operations at Kia America, expressed optimism about the brand’s performance and upcoming models. With new releases on the horizon, Kia is poised to continue capturing attention and market share.

Kia Q1 2024 Sales Numbers