Lee added that the launch of the new Carnival luxury MPV and the EV9 SUV in India will help position the brand as a more premium player in the market.
03 Oct 2024 | 430 Views | By Prerna Lidhoo
South Korean automaker major Kia said that its on track to fulfil its target of selling 4 lakh units annually in India by 2030. Gwanggu Lee, MD and CEO, Kia India told Autocar Professionalthat despite the growth being flattish this year, he expects a double-digit growth next year on ...
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South Korean automaker major Kia said that its on track to fulfil its target of selling 4 lakh units annually in India by 2030. Gwanggu Lee, MD and CEO, Kia India told Autocar Professional that despite the growth being flattish this year, he expects a double-digit growth next year on the back on its new model launches.
"We want to position ourselves as a leading RV brand in India and would be looking at going deeper into the SUV market. This year, we were expecting a flat number in order to utilise the current portfolio. New products in our portfolio will help drive growth. Once our network is improved, it will further strengthen our presence," he said.
Lee added that the launch of the new Carnival luxury MPV and the EV9 SUV in India will help position the brand as a more premium player in the market. "We'll be looking at the fleet segment more closely next year onwards. The SUV segment growth will depend on the growth of the economy. We're closely monitoring the market and will wait to see how different technologies like EV evolve," he said.
Kia India reported vehicle wholesales of 127,321 units in April-September 2024, registering a growth of 6% over the same period last year.
The industry is seeing a stress in consumer demand and high levels of inventory at the dealers end which OEMs have tried to rationalise over the last few months. While some of the players are seeing a degrowth in retail figures, Kia India's sales have remained largely flat. "We're optimistic about the next year. In the last 5 years, we've grown dramatically. Now, I would like to focus more on quality rather than just volumes.
We'll have to monitor the trends in the Indian market closely to evaluate what global models to introduce in India. But the market continues to provide a huge opportunity for growth," Lee said.