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Kia Corporation recorded its highest operating profit in the second quarter of the current fiscal year. It has surpassed the KRW3 trillion mark for the first time since its establishment in South Korea.
With this result, Kia changed its operating profit target to KRW12 trillion or around $9.4 billion this year. It achieved its best-ever quarterly earnings due to the bustling sales of the brand's sport utility vehicles (SUV) with higher margins. The increased sales were also credited to favorable foreign exchange rates and normalized global car production, as per The Korea Economic Daily.
Kia's previous record for quarterly operating income was KRW2.87 trillion in the first quarter. With its new record, the numbers came above the market consensus of KRW3.14 trillion. Moreover, the automaker's shares closed at 0.6% at KRW83,100 on Thursday, July 27.
Meanwhile, Kia Corp. is reportedly considering lowering its electric vehicle prices. It plans to release more affordable EVs in 2024 and expand its EV model lineup by releasing EV6 and EV5 models this year. The Korea Herald reported the company will consider price reductions for its battery-powered electric units to compete against leading EV manufacturers.
"Releasing the EV9 and EV5 this year, we have a strong point in that we will launch a C-SUV and a sedan next year to set up a full lineup," Kia's chief financial officer and executive vice president, Joo Woo Jeong, said. "So we have a competitive edge over other brands who have to face price competition with a few models."
He added, "The important point from now on regarding the EV market, which has become highly competitive and abnormal in some sense, is that we should put more weight on securing our market share than focusing on profitability."
Photo by: Hyundai Motor Group/Unsplash
