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Kia’s Sales, Earning Fall
Kia Motors Corp. reports that its net income for the second quarter dropped 53% to 390 billion won ($350 million). Revenue fell 6% to 13.6 trillion won ($12.2 billion).
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Kia Motors Corp. reports that its net income for the second quarter dropped 53% to 390 billion won ($350 million). Revenue fell 6% to 13.6 trillion won ($12.2 billion).
Kia’s results come a day after its parent, Hyundai Motor Co., posted declines for April-June of 51% for net earnings and 2% for revenue. Both companies blame shrinking sales in China and the U.S.
Through the first half of 2017, Kia’s net profit fell 35%, operating profit plunged 45% and sales revenue declined 3%. Unit sales for the period dropped 10% to 1.32 million cars and crossover vehicles.
Both companies have vowed to raise profitability in the second half of the year, in part by introducing new small crossover models.
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