Kia India predicts a 10 per cent growth in volume sales in 2024 with the deliveries of facelift launches of Sonet and Seltos attaining momentum, its Managing Director and CEO Tae-Jin Park. Park foresees the overall domestic passenger vehicle (PV) sales in the industry to remain unchanged in 2024, as demand mainly exists for sport utility vehicles (SUVs). "I think SUVs, especially the micro SUVs, would be generating new volumes in the market in 2024. The passenger vehicle sales will continue to decline and it will maintain the same level as 2023", Park quoted.
Kia unveiled its Sonet facelift. The company marketed 254,556 units in India last year and it is anticipating to sell the same number of units this year also. The South Korean car company launched the Seltos facelift in July this year. "The customers already know that the old model is going out of the market, and a new model is coming that has impacted our sales this year. Next year, we will be selling new Seltos and new Sonet. We have a little bit combative target for the next year at 10 per cent as compared to this year", Park said.
Kia exclusively sells utility vehicles in India. Kia's dealers presently have an advance stock for 30-35 days and the company is comfortable with it as the year is ending, he said, adding the company aims to have a 10 per cent market stake by 2030. Currently, the company's market share in India is about 5.5 per cent. Kia India is planning to launch a total of 5 vehicles in the next two years. "Next year, a new Carnival, EV9 (an electric vehicle) is launching. In the next year, we are very carefully preparing for the big leap over the second stage of growth for Kia India which will begin in 2025. The company is aiming to control 15-17 per cent of that EV market by 2030. We are designing a hybrid and in the next two years, we can bring it anytime", Park said.