Profit of KIA for six months decreased by 66%

Profit of KIA for six months decreased by 66%

July 26, 2020 0 By autotimesnews

The South Korean car maker summed up the disappointing first half of the year.

KIA has summed up the financial results of the first half of 2020. As a result, it became known that the company’s net profit was 392.3 billion won, which is equivalent to 280.5 million euros. This result immediately became 66% worse than last year for the same period. In June, the numbers were no longer so critical, but there is still a long way to a full recovery.

Last month, KIA dealers were able to sell 1.16 million new cars globally, down 15.4% from last year, and profits fell 3.8% to 25.94 trillion won. At the same time, South Korea coped better than most with the coronavirus epidemic, so sales inside the country in June grew by 14.6%, but abroad there was a decrease of 21.8%.

The most difficult for KIA was the second quarter of this year – in the period from early April to late June, KIA dealers were able to sell 515,050 new cars, which is 27.8% less than the result of the second quarter of 2019.

At the same time, the net profit for the period was only 126.3 billion won and decreased by 75%.

Meanwhile, KIA has revealed the debut image of its new Sonet crossover. The official premiere of the budget cross should take place on August 7 this year. It is expected that after entering the market, the model will compete with Hyundai Venue and Suzuki Vitara.