Hyundai and Kia Post Higher Q3 Operating Profit, but Outlooks Weaken
4 Articles
4 Articles
(Seoul = Yonhap News) Reporter Jang Ha-na = Amid a slowdown in demand in the global automobile market due to interest rate hikes in major countries caused by high inflation and dampened consumer sentiment, the 'big brother' ...
Despite recording an all-time high global automotive market share in the third quarter of this year, Kia took a step backward in profitability. Its operating profit margin fell from 8% to 5.8% in just one quarter, falling behind Hyundai Motor (5.9%). This is the result of "growth driven by discounts," achieved by lowering electric vehicle prices and increasing sales incentives. Kia has decided to maintain this strategy through next year. In Euro…
[Digital Daily Reporter Yoon Seo-yeon] Hyundai Motor and Kia are facing an emergency situation regarding profitability, despite simultaneous growth in operating profit in the third quarter of this year. Although the combined operating profit of the two companies neared 4.5 trillion won, rising raw material prices and the prolonged conflict in the Middle East acted as a burden on their performance. Hyundai Motor lowered its annual sales and profi…
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