Kia Q3 financial report: Revenue declines slightly but still grows
Kia has reported third-quarter 2024 financial results, with revenue rising but global vehicle sales declining slightly. In the quarter, the company's global sales were 763,693 vehicles, a year-on-year decrease of 1.9% due to the temporary suspension of production due to facility upgrades and product lineup adjustments. Despite these headwinds, Kia's quarterly revenue rose 3.8% to 26.52 trillion won, driven by higher average selling prices (ASPs) and an increase in the share of recreational vehicles and electric vehicles in its product mix. Increase. Revenue and margins remain strong Operating profit in the third quarter was 2.88 trillion won, and operating profit margin was 10.9%, a level that has been maintained for eight consecutive quarters. Kia's profitability was further supported by stable raw material costs, favorable exchange rates and a well-rounded product portfolio, which more than offset one-time provisions related to warranty extensions. After adjusting for these provisions, operating profit will reach 3.51 trillion won, with an operating profit margin of 13.2%.…
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