Kia Corp Faces Financial Strain Due to U.S. Tariffs

Kia Corp, a leading global automaker, revealed on Friday a substantial financial loss attributed to U.S. tariffs, amounting to 786 billion won in the April to June quarter.

The company, alongside its affiliate Hyundai Motor, recorded a 24% decline in operating profit to 2.76 trillion won compared to the previous year. Despite the financial setback, Kia managed to raise its U.S. sales by 5%. This surge was fueled by consumer fears of rising vehicle prices due to tariffs and robust sales figures for the new Carnival hybrid SUVs during the second quarter.

Kia's share price reflected investor concerns, declining by 1.7% amidst the prevailing challenges. ($1 = 1,378.0800 won)

(With inputs from agencies.)