Kia India has named Gwanggu Lee as its new managing director (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. Park is retiring after a remarkable 36-year journey with Kia Corporation and a four-year stint with Kia India.
- Gwanggu Lee succeeds Tae Jin Park
- Kia India profits grew 150 percent in FY2023
Lee has over 30 years experience in the automotive sector, and has held leadership positions in various capacities in both developed and developing economies like the USA, Canada, Italy, Germany, Mexico, and Central and South America.
As Kia Mexico’s president, he played a pivotal role in the company's 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.”
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 in 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, with Rs 2,000 crore in profits; it has taken about five years to breach those milestones.
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