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

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The forecast raised expectations that the Korean sibling carmakers together would beat their bigger rival Volkswagen, which is grappling with falling productivity and declining 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 solid earnings for the third quarter on the same day.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.That was a mere 0.6% up 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: Year Shares Sales Trillion Korean Profit Company Quarter Hyundai Auto Operating

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Published On: 2024-10-25 @ 20:42:40 (5 days ago)

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Language: English

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