Kia sees Q3 profit surge by 6 times

Kia said on Wednesday that it posted 17.75 trillion won in sales and 1.32 trillion won in operating income during the third quarter this year.

It is a rise of 8.8% and 579.7%, respectively, from a year ago.

The figures beat South Korean analysts’ consensus slightly.

Wholesales have decreased due to production problems caused by the chip shortage and the won was strong against the dollar during the quarter, Kia said.

But the South Korean automobile brand expanded sales of premium vehicles such as RVs and improved its product mix, as well as lower incentives in North America, which expanded profitability during the quarter, the company said.

Kia’s unit sales dropped 8.6% from a year ago to 124,964 units during the quarter, which was caused by production problems stemming from the chip shortage.

The company said it plans to continue focusing sales on premium car models including its new EV6 electric vehicle during the fourth quarter.