Kia Says Raw Material Costs Rose From March, Keeps 10.2 Trillion Won Operating Profit Target

Kim Seung-jun, an executive vice president and head of Kia’s finance division, said on an earnings conference call for the company’s first-quarter results that rising raw material prices, including aluminum, began affecting costs in March.
 
He said oil prices could stay around $100 this year even if the war ends, adding that the company faces a clear risk of higher costs.
 
Kim said Kia ships about 260,000 vehicles a year to the Asia and Middle East region, but he believes the company has enough capacity to offset that volume in other markets such as South Korea, Europe and India. He said Kia expects to maintain its annual targets of 3.35 million vehicles sold and 10.2 trillion won in operating profit.