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A year-on-year increase of 88.9%! Yueda Kia sales announcement

2024-04-24 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)03/03 Report--

On December 8, Yueda Kia announced the latest global sales in November. According to the data, Yueda Kia sold 18224 vehicles worldwide in November, up 88.9% from a year earlier. Of these, domestic sales were 7004, up 22.5 percent over the same period last year, and exports were 11220, up 185.6 percent. In the first 11 months of this year, cumulative sales were 148168, up 23.2 percent from the same period last year, and exports were 75837, up 92.3 percent from the same period last year.

From the above data analysis, whether in terms of global sales, South Korea's home market or exports, Yueda Kia sales increased year-on-year in November, but Yueda Kia's increase in the Chinese market is not high, and in the past year, Kia's presence in the Chinese market is not high.

According to the data, Asia's global sales since 2022 were 2.9036 million vehicles, an increase of 4.6% over the same period last year, ranking seventh in the global auto brand sales list. According to the insurance figures, Kia's sales in China were 94345, down 40.5% from the same period last year, a far cry from the peak of 650000 vehicles sold in the Chinese market since 2016. To make matters more difficult, the decline in sales comes at the same time as Kia is in an insolvent dilemma in China. As of December 31, 2022, Jiangsu Yueda Kia Automobile Co., Ltd., a Kia joint venture in China, had total liabilities of 2.4768 trillion won (13 billion yuan) and assets of 2.0809 trillion won (10.9 billion yuan), according to the financial report. According to this calculation, Jiangsu Yueda Kia has fallen into the dilemma of insolvency, with an asset-liability ratio of 119.3%.

It should be noted that although Kia's sales in the Chinese market are weak, Kia has repeatedly stressed that it will not give up the Chinese market. In October, Yang Honghai, chief operating officer of Kia China, said at a media conference after the static evaluation of Kia EV5 that Kia could not withdraw from the Chinese market. Auto Industry concern believes that the Chinese market has become the world's largest single car consumer market, which may be one of the reasons why Kia is reluctant to give up the Chinese market.

This year is the first year that Yueda Kia has entered the Chinese electric car market, and it is speeding up the layout of the new energy track. In other words, new energy vehicles will be the stepping stone for Kia to open the Chinese market. At present, Kia's first domestic pure electric SUV-- Kia EV5 has been launched on November 17. The new car is based on Kia electric vehicle dedicated E-GMP platform, positioning compact SUV, a total of three models are launched, the price range is 14.98-174800 yuan.

As for the launch of the new car, Yang Honghai once said that the EV5 is a model tailor-made for the Chinese market and will become the strategic core of Kia's electrification transformation. He hopes to build EV5 into a popular Kia model from the starting point of the successful launch of Kia in China. It should be noted that the competition in China's auto market is becoming more and more fierce, especially in the new energy vehicle market. In this context, Kia, which has a slow transformation of new energy, may face a lot of pressure in China.

It is worth mentioning that a few days ago, Yueda Kia officially announced the opening of time-limited offers for many of its models. From now to December 31, you can enjoy multiple preferential policies for the purchase of EV5, EV6, Jiahua, Lion Platinum extension, Setus, New K3 and other models, of which the Lion Platinum extension has a direct drop of 30000 yuan, and the direct purchase price starts at 149800 yuan. As for the price advantage, whether it can boost Yueda Kia sales remains to be verified. It should be noted that according to incomplete statistics, since December, more than 15 domestic car companies have participated in the price war by means of concessions or price reductions, which also means that the competition in the car market will become more and more fierce.

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