Kia Q1 Net Profit Drops 0.2% Amid Chip Shortage: Report

Published:Nov 22, 202318:39
Kia Q1 Net Profit Drops 0.2% Amid Chip Shortage: Report

Seoul: Kia, South Korea's second-largest carmaker, mentioned on Monday that its first-quarter web revenue fell 0.2 per cent from a yr earlier as a consequence of one-off prices amid world chip shortages. Net revenue for the three months led to March fell to 1.032 trillion received ($825 million) from 1.035 trillion received throughout the identical interval of final yr, the corporate mentioned in an announcement. Kia Carens MPV Launched in India at Rs 8.99 Lakh, Options & Specs. Within the first three months, Kia's car gross sales fell 0.6 per cent to 685,739 autos, together with 564,075 items abroad. Significantly, high-deferred company taxes have been factored within the backside line within the first quarter, an organization spokesman mentioned over the telephone, with out giving the worth of the taxes, reviews Yonhap News Company. Automobile manufacturing and gross sales additionally declined within the first quarter as a consequence of continued semiconductor chip shortages and disrupted provides of different components because of the Russia-Ukraine warfare. Working revenue jumped 49.2 per cent to 1.606 trillion received within the first quarter from 1.076 trillion received a yr in the past. Gross sales have been up 10.7 per cent to 18.357 trillion received from 16.581 trillion received. Elevated gross sales of high-end environment-friendly fashions, together with the all-electric Niro EV and EV6, within the home and European markets propped up the quarterly working earnings. Within the January-February interval, Kia ranked second simply after US electrical carmaker Tesla Inc. when it comes to EV gross sales in Western Europe, in accordance with market evaluation agency JATO Dynamics. Kia bought a complete of 14,269 EVs to account for 8.7 per cent of Western Europe's EV market, following Tesla's 10 per cent, the JATO knowledge confirmed. Kia anticipated continued chip shortages, disrupted components provides because of the lockdown in Shanghai, and better uncooked supplies costs amid the Russia-Ukraine warfare will stay issues for carmakers within the second quarter. As soon as the chip provides enhance, the corporate mentioned it'll maximize the operation of its vegetation to fulfill pent-up demand and increase gross sales. (The above story first appeared on SociallyTrend on Apr 25, 2022 04:43 PM IST. For more news and updates on politics, world, sports activities, entertainment and way of life, go surfing to our web site

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