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Kia Corp takes $570 million hit from US tariffs in second quarter
@Source: channelnewsasia.com
SEOUL :South Korea's Kia Corp said on Friday that it suffered a hit of 786 billion won ($570 million) from U.S. tariffs in the April to June period.
Kia, the world’s No.3 automaker together with affiliate Hyundai Motor, said its operating profit slumped 24 per cent to 2.76 trillion won in the second quarter, from a year earlier.
Kia increased U.S. sales by 5 per cent as consumers brought forward car purchases due to concerns that U.S. tariffs would lead to higher vehicle prices. It also had solid sales of its new Carnival hybrid sport utility vehicles in the second quarter.
Kia shares were down 1.7 per cent.
($1 = 1,378.0800 won)
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