Yueda Kia boasts 76.9% YoY spike in Q1 2024 vehicle sales

Shanghai (Gasgoo)- On April 3, Yueda Kia, the joint venture between Kia Corporation and China's Yueda Automobile Group, announced its sales performance for March 2024 and the first quarter of the year, showcasing a significant upswing.

In March, Yueda Kia achieved a combined domestic and overseas sales volume of 18,665 units, marking a 94.5% spike year-on-year. The cumulative sales for the first quarter amounted to 50,038 units, reflecting a 76.9% surge compared to the same period last year.

This remarkable growth in the first quarter can be attributed to a balanced development strategy in both domestic and overseas sales, said the automaker. Moreover, in response to the burgeoning wave of electrification, Yueda Kia has embarked on a transformative journey towards electrification, actively introducing globally popular models to create a high-quality, high-value lineup of both traditional oil-fueled and pure electric vehicles.

Kia EV5; photo credit: Kia China

The Kia EV5, a special model launched by Kia to celebrate its 80th anniversary, has become a hotter-selling product since its debut. In February this year, the Kia EV5 720 long-range edition was introduced to the market. Notably, on April 1, the export edition of the Kia EV5 went into mass production at the intelligent manufacturing plant in Yancheng city, Jiangsu province, with vehicles destined for markets including Australia.

While deepening its roots in the Chinese market, Kia has seen stable growth in its export business, supported by the government of Yancheng city. Among the new additions to its export lineup, the Sonet model recorded an export volume of 8,338 vehicles in the first quarter of this year, primarily to Latin American countries such as Mexico, the Dominican Republic, and Colombia. It's noteworthy that the Sonet is also poised for its China market launch soon. As part of Kia's global strategic portfolio, the Kia K5 caters to the all-around mobility needs of young consumers. By the end of March, the first batch of the K5 export vehicles had been shipped to Uzbekistan, with an export target of 12,000 units set for 2024.

In addition to the ongoing expansion of its export model lineup, this year, the number of export destinations will grow from over 50 countries across the Middle East, Asia-Pacific, and Latin America to more than 80 countries. Yueda Kia aims to achieve an annual export target of 170,000 units in 2024, building the Yancheng factory into a bona fide global export hub for Kia.