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Kia’s Revenue, Profits Shrink
Third-quarter vehicle sales climbed 13% to 712,000 units for Kia Motors Corp.
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Third-quarter vehicle sales climbed 13% to 712,000 units for Kia Motors Corp. But revenue slipped 2% to 11.5 trillion won ($11 billion).
Operating income for the Hyundai Motor Co. affiliate fell 19% to 567 billion won ($536 million). Net income dropped 27% to 657 billion won ($622 million).
Kia, which makes 85% of its vehicles overseas, blames the quarterly declines on the strong won, which erodes the value of revenue repatriated to South Korea. The company's global vehicle sales grew 9% to 2.26 million units in the first nine months of 2014.
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