Kia Motors Reports Q2 Revenue of 11.3688 Trillion KRW, Down 21.6% YoY (2nd Report)
[Asia Economy Reporter Kim Ji-hee] Kia Motors announced on the 23rd that its sales revenue for the second quarter of this year recorded 11.3688 trillion KRW, down 21.6% compared to the same period last year. Operating profit for the same period decreased by 72.8% to 145.1 billion KRW.
Kia's global sales in the second quarter recorded 516,050 units, down 27.8% compared to the previous year. Domestic sales were 161,548 units, down 26.8% from the same period last year, while overseas sales decreased by 39.7% to 354,502 units.
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A Kia Motors official explained, “The global spread of the novel coronavirus infection (COVID-19) intensified, causing demand to plummet in all markets, creating difficult business conditions. Amid this, the expansion of sales proportions of high-profit new models and recreational vehicles (RVs), efforts to reduce fixed costs, and favorable exchange rate effects partially offset the impact of the sales decline.”
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