Lee replaces Tae Jin Park, who has retired after leading Kia India for four years.
Kia India has named Gwanggu Lee as the new MD and CEO, effective immediately. He will be the third managing director and CEO of Kia India, succeeding Kook Hyun Shim and Tae Jin Park. Kia India’s former MD and CEO, Tae Jin Park, is retiring after a remarkable 36-year journey with Kia Corporation and a four-year stint with Kia India.
- Gwanggu Lee suceeds Tae Jin Park
- Kia India profits grew 150 percent in FY2023
Lee has over 30 years of experience in the automotive sector and has held leadership positions in various capacities in both developed and developing economies, including roles in the US, Canada, Italy, Germany, Mexico, and Central and South America.
As Kia Mexico’s president, he played a pivotal role in the company’s substantial growth and establishment as a production and export hub. Concerning the appointment, Lee said, “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. My vision is to unlock the next phase of growth through inspiring Kia brand experiences thereby creating more value and long-lasting impact for our customers, partners, and employees alike,” he added.
Kia India posted a turnover of USD 4.6 billion (about Rs 38,334 crore), with profits breaching the USD 250 million (about Rs 20.8 crore) mark for FY2023. Kia India has seen its profits grow over 150 percent in FY2023 to Rs 2,122 crore, versus Rs 825 crore profits registered in FY2022. Meanwhile, turnover rose 53 percent year-on-year to Rs 38,783 crore, versus Rs 25,300 crore in FY2022.
Kia, which ranks among the top three SUV makers in the country over the past few years and the fifth utility vehicle maker in FY2023, saw its Carens MPV overtake the longstanding MPV champion Toyota Innova in terms of sales. The Carens sold 70,314 units to the Innova’s 55,574 units.
With its performance in FY2023, Kia India has become the fastest automaker to breach the Rs 30,000 crore turnover mark and Rs 2,000 crore in profits; it has taken about five years to breach those milestones.
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