Kia’s aging models hit sales in India
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Seoul: Automaker Kia said on Friday that its first-quarter net profit rose 32.5 per cent (year-on-year), backed by increased sales of SUVs, minivans and hybrid models.
Net profit for the January-March period came to 2.8 trillion won ($2 million) on a consolidated basis, compared with a profit of 2.1 trillion won a year ago, the company said in a regulatory filing.
Its overseas sales grew owing to strong demand in major regions, such as North America and Europe.
However, sales in some emerging markets, such as “India and the Middle East, decreased compared to the previous year due to factors such as aging models and geopolitical factors”.
Kia said it expects to face challenging business environments due to several factors, such as persistent geopolitical risks, sluggish economic growth and dampened consumer confidence due to high interest rates and inflation.
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