Kia Motors Reports Q1 Sales of 14.5669 Trillion KRW, Up 17.1% Year-on-Year (2nd Report)

[Asia Economy Reporter Kim Ji-hee] Kia Motors announced on the 24th that its sales in the first quarter of this year reached 14.5669 trillion KRW, a 17.1% increase compared to the same period last year. Operating profit was 444.5 billion KRW, down 25.2%, and net profit was 266 billion KRW, down 59%.

Global wholesale sales, including China, in the first quarter recorded 648,685 units, a 1.9% decrease compared to the previous year. Domestic sales increased by 1.1% to 116,739 units, while overseas sales decreased by 2.6% to 531,946 units.

Domestically, some production disruptions occurred in February due to parts supply issues, but normalization of parts supply followed, continuing the new car effects of the Seltos and the new K5. In the United States, sales increased led by the large sport utility vehicle (SUV) Telluride. Sales in the North American region were recorded at 193,052 units, an 8.9% increase compared to the same period last year.

A Kia Motors official said, "The first quarter was before the global spread of the novel coronavirus infection (COVID-19), so factors such as a favorable won-dollar exchange rate excluding China, new car effects centered on Korea and the United States, and product mix improvements were reflected in the performance." He added, "Since the end of last month, major regional factories have started suspending operations and sales, raising concerns about severe business deterioration in the second quarter. We will closely monitor changes in the situation and focus on minimizing sales decline by leading with new cars."

This content was produced with the assistance of AI translation services.