Kim Seung-jun, head of Kia's finance division, stated during a conference call on October 30 that the company experienced significant growth in the third quarter, with both wholesale and retail markets showing substantial year-over-year increases.
He noted, however, that the ongoing conflict in the Middle East is expected to have repercussions that will last at least until the end of the year. This situation is not only affecting sales in the region but is also linked to rising raw material costs and increased logistics expenses. Kim expressed concern that these challenges would persist into the fourth quarter.
Despite these difficulties, he projected that annual sales volumes would remain relatively stable. However, he acknowledged that profit margins are likely to fall short of previously stated targets. Kim emphasized that the company is implementing region-specific strategies for different vehicle models and is committed to improving internal efficiencies and reducing costs to mitigate these impacts.
* This article has been translated by AI.
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