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[Alpha Biz=(Chicago) Reporter Kim Jisun] As Kia broke its quarterly earnings again, it is on the verge of achieving 100 trillion won in annual sales. Hyundai Motor Group's major affiliates, including Hyundai Motor Co., Kia Motors Corp. and Hyundai Mobis Co., posted operating profit of 11 trillion won in the second quarter alone.
Kia held a performance presentation on the 27th and announced that it recorded sales of 26.2442 trillion won and operating profit of 3.403 trillion won in the second quarter. Compared to the same period last year, it increased by 20% and 52.3%, respectively. This is the first time Kia's quarterly operating profit has exceeded KRW 3 trillion. The operating profit ratio also reached an all-time high of 13%. This yield is on par with luxury car brands such as BMW and Mercedes-Benz.
Sales rose 10.1% year-on-year to 807,772 units. It sold 158,816 units in Korea and 656,956 units overseas. Leisure vehicles (RVs) such as Sorento and Carnival were popular in North America and Europe. "Both sales and operating profit recorded the best performance due to increased supply due to normalization of production, increased sales centered on high-profit vehicles and improved profit structure," a Kia official said.
While expressing concern that competition among companies will intensify amid high interest rates and high prices in the second half of the year, he did not hide his confidence in "the upward trend of performance." On the same day, Kia said its performance exceeded market expectations due to improved profit structure and improved brand image, adding that it will raise this year's sales target from 97.6 trillion won to more than 100 trillion won. This is through the expansion of sales centered on high-yield models such as the recently released electric sport utility vehicle (SUV) EV9.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
