Kia Motors aims to increase its foreign sales by 30% next year to $10 billion on the back of resilient demand from Europe, a Kia spokesman told Reuters.
Go deeper with GlobalData
The automaker reportedly said it hoped to reap more gains from its main export market by debuting a new version of its Sportage SUV in European showrooms in January.
“Since weakness in the Korean market is expected to continue into next year, Kia will focus on expanding exports, particularly targeting the European market,” the spokesman told the news agency, adding that the affiliate of Hyundai Motor planned to set up a corporate team to help the company achieve its export target.
The carmaker’s exports are expected to reach some $7 billion this year, bolstered by demand for its Morning minicar and Sorento SUV, the report said.
According to Reuters, Kia reported a 28.4% rise in November sales to 109,694 units from a year ago. Exports, buoyed by a 79% jump in European sales, soared 45% to 87,386 vehicles, while domestic sales fell 11.2% to 17,556 units.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
