Kia Motors announces Q2 2020 business results
Kia Motors Corporation today announced a 27.8 percent year-on-year decrease in its global vehicle sales in Q2 2020, as the COVID-19 pandemic impacted auto demand around the world.
Sales in Korea increased to 161,548 units during Q2, up 26.8 percent, while sales outside Korea fell 39.7 percent to 354,502 units over the same period. Kia Motors recorded sales revenue of KRW 11.37 trillion in Q2 of 2020, 21.6 percent lower than the KRW 14.51 trillion reported over the same period in 2019. Quarterly net profit declined to KRW 126.3 billion, 75 percent lower than Q2 in 2019.
1H business results Kia sold a total of 1,164,735 vehicles in the first half, down 15.4 percent, year-on-year. First-half sales revenue fell 3.8 percent, year-on-year, to KRW 25.94 trillion; operating profit for the first six months fell 47.7 percent to KRW 589.6 billion. Net profit fell 66 percent to 392.3 billion won.
Prospects and Plans To fight the adverse market environment stemming from the pandemic, the company plans to guard profitability and market competitiveness with pioneering new models, while optimizing production capacity to best cope with the recovery in market demand.
The company is implementing various schemes to support customers, such as launching new models online.
Jul 24, 2020 at 10:17