Like parent Hyundai Motor, Kia Motors has been affected by the strong Korean won and has reported a loss for the second consecutive quarter.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The automaker, 39% owned by Hyundai, said that high marketing costs and the strong won had meant 2006 profit as a whole had plunged, according to the BBC.
Kia earnings fell 94% last year to 39.3bn won ($41.9m; £21.3m) and lost 200m won in the three months to the end of December. Annual sales rose 9% to 17.44 trillion won – short of the company’s target. Sales in the quarter rose 11% to 5.1 trillion won, the report said.
The stronger South Korean currency has meant that vehicles are more expensive overseas – and also reduces the value of sales abroad when the income is converted back into the won, the BBC noted.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
