Kia eyes rosier 2024 after record-high Q3; Hyundai Mobis’ OP up 32%

Quick Summary:

The forecast raised expectations that the Korean sibling carmakers together would beat their bigger rival Volkswagen grappling with falling productivity and dropping car sales in China to become the global No.2 auto group.Volkswagen reported 10.1 billion euros ($10.9 billion) in operating profit for the first half of this year, down 11% from the same period last year.

Kia Corp., South Korea’s No.2 carmaker after Hyundai Motor Co., presented a brighter outlook for this year after posting record-high operating profit and sales for a third quarter on Thursday, raising expectations that the Korean auto siblings would overtake the world’s No.2 car seller Volkswagen this year.

Kia’s rosier outlook for this year’s earnings comes after it announced on the same day solid earnings for the third quarter.It logged 2.88 trillion won in operating profit on a consolidated basis for the July-September period, the company said in a regulatory filing.It was up a mere 0.6% from the same period last year but marked the company’s historic-high profit for the quarter.

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Category: Economy

Markets: South KoreaChina

Topics: Profit Hyundai Trillion Sales Auto Korean Company Operating Shares Quarter Year

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Published On: 2024-10-25 @ 20:42:40 (2 days ago)

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News Source URL: kedglobal.com

Language: English

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