Kia Corporation (KRX: 000270) reported its Q4 2022 result.
The company sold 730,259 units in the quarter, an increase of 12.7% year-on-year.
This resulted in sales of KRW 23,164.2 billion, up 34.8% year-on-year, an operating profit of KRW 2,624.3 billion, up 123.3%, and a net profit of KRW 2.0365 trillion, up 63.2% year-on-year.
The company attributed the growth to higher inventories, higher selling prices, lower incentives, and a favorable exchange rate effect.
For 2023, Kia expects sales of KRW 97.6 trillion and an operating profit of KRW 9.3 trillion, up 29%. This is due to solid demand, an improved sales mix, and the launch of a new large electric SUV, the EV9.
The company remains optimistic despite uncertainties such as weakening demand and international tensions.
Kia’s domestic sales increased 10.7% year-on-year in Q4 2022, driven by new vehicle launches and strong demand for SUV models.
Despite being impacted by the suspension of sales in Russia, overseas sales increased 13.2% y-o-y, driven by improved semiconductor supply and new model launches in India.
Sales of environmentally friendly cars rose 29.1% year-on-year to 121,000 units.
In the 2022 cumulative financial statements, Kia reported sales of 2,901,849 units, up 4.5%; revenue of KRW 86,559.0 billion, up 23.9%; operating profit of KRW 7,233.1 billion, up 42.8%; and net profit of KRW 5.409 trillion, up 13.6%.
Please also read.
Hyundai Motor and Kia to showcase innovative startups at CES 2023.
Hyundai and KIA acquire 42dot for KRW427.7 billion.
Kia and Coupang hold hands on the EV development.
KIA will issue NFT, leveraging its EV lineups.
