Gwanggu Lee has been appointed as the new Managing Director (MD) and CEO of Kia India, effective immediately. He becomes the third individual to hold this position, succeeding Kook Hyun Shim and Tae Jin Park. Tae Jin Park is retiring after an impressive 36-year journey with Kia Corporation, including a four-year stint as the head of Kia India.
With over 30 years of experience in the automotive sector, Lee has held leadership roles in various capacities in developed and developing economies, including the USA, Canada, Italy, Germany, Mexico, and Central and South America. During his tenure as Kia Mexico’s president, he played a crucial role in the company’s growth and establishment as a production and export hub.
Expressing his thoughts on the appointment, Lee stated, “With two segment-breaking updates – the new Seltos and the new Sonet – and a host of more innovative products on the way, Kia India is surely on the right path to sustainable business growth.”
In the financial year 2023, Kia India achieved significant milestones, with a turnover of USD 4.6 billion (about Rs 38,334 crore) and profits exceeding USD 250 million (about Rs 20.8 crore). The company witnessed a remarkable 150 percent growth in profits to Rs 2,122 crore, compared to Rs 825 crore in FY2022. Turnover also surged by 53 percent year-on-year to Rs 38,783 crore, up from Rs 25,300 crore in FY2022.
Kia, consistently ranking among the top three SUV makers in India, became the fifth utility vehicle maker in FY2023. The Carens MPV, in particular, surpassed the longstanding champion Toyota Innova in terms of sales, with 70,314 units sold compared to Innova’s 55,574 units.
Kia India’s performance in FY2023 positioned it as the fastest automaker to breach the Rs 30,000 crore turnover mark, achieving Rs 2,000 crore in profits, marking this milestone in approximately five years.