In comparison, its bigger affiliate Hyundai Motor Co.also saw a dip in operating profit margins to 8.2% from 8.7% a year earlier.“Our profit margin is about double the global carmakers’ average of 5%,” said a Kia official.Its revenue climbed 6.9% on-year to 28.01 trillion won ($19.5 billion) in the first quarter.
ECO-FRIENDLY MODELSSales of eco-friendly cars such as hybrid electric vehicles (HEVs) jumped 10.7% on-year to 174,000 units worldwide, making up 23.1% of its total shipments in the first quarter.“With rising demand for HEVs, we will enhance profitability and growth momentum by increasing HEV supply and raising average selling prices,” it said in a presentation for the first-quarter earnings release.
OUTLOOKKia, under Hyundai Motor Group, expects challenging business conditions to persist following the Trump administration's announcement last month of 25% tariffs on all imports to the world's largest economy.“We are closely monitoring intensifying industry competition and the slowing EV demand,” the company said.“We will maintain appropriate inventory levels through flexible, demand-driven production and protect profitability with a more efficient incentive strategy,” it noted.To counter U.S.tariff headwinds, Kia will ramp up production of its flagship EV models -- EV6 and EV9 -- at its US facilities.
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