Kia America Hits Record-Breaking Sales In August 2023

Kia America (OTC:KIMTF) has disclosed that it achieved record-breaking sales in August 2023. This notable achievement marks the company’s most successful August sales to date and the second-highest monthly total in the company’s history.

What Happened: The automotive heavyweight, based in Irvine, California, revealed that it sold an impressive 72,147 units in August. This signifies a 9% increase from the previous record set in 2022, marking the fourth consecutive month that Kia’s sales have exceeded the 70,000 mark. There was a significant surge in the sales of battery-electric vehicles, which doubled compared to August 2022, and utility vehicle sales saw a 14% year-over-year increase.

Seven different models saw year-over-year sales increases, with four models recording their best-ever August sales. This includes Niro, Carnival, EV6, Rio, Telluride, Seltos and K5. Utility vehicles formed the majority, comprising 72% of Kia’s overall sales for the month.

Eric Watson, vice president of sales operations at Kia America, said, “Exceeding 70,000 units for four consecutive months and doubling year-over-year sales of our electrified offerings is proof that Kia is ahead of the competition.”

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Why It Matters: The noteworthy sales performance of Kia comes at a time when the automaker is making strategic moves in the industry. In August 2023, Kia made headlines with the upcoming launch of its compact electric SUV, the EV5, in China. The vehicle revealed at the Chengdu Motor Show boasts of an innovative interior design and a versatile layout. Most significantly, it carries a surprisingly low starting price of $22,000, undercutting the starting price of Tesla Inc.’s (NASDAQ:TSLA) Model Y, thus positioning it competitively in China’s aggressive EV market.

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