Core Insights - Kia Corporation reported a significant 37% year-on-year decline in net profits to KRW 1.42 trillion (US$ 997 million) in Q3 2025, primarily due to a 25% import tariff imposed by the US government earlier this year [1] - The company's operating profit fell by 49% to KRW 1.46 trillion, with the operating margin decreasing to 5.1%, influenced by higher incentive payments and unfavorable currency exchange rates [2] Financial Performance - Global revenues increased by 8.2% year-on-year to KRW 28.69 trillion in Q3 2025, driven by a better product mix and a 32% rise in hybrid and electric vehicle sales to 204,000 units, while overall sales volumes grew by only 2.8% to 785,137 vehicles [2] - For the first nine months of 2025, global revenues rose over 7.2% year-on-year to KRW 86.05 trillion, but operating profit decreased by 27% to KRW 7.24 trillion, and net income fell by 24% to KRW 6.08 trillion [4] Market Dynamics - Despite strong electric vehicle sales, deliveries in Europe declined due to model discontinuations and temporary production adjustments in Slovakia, while sales in India decreased due to deferred demand ahead of a Goods and Services Tax reduction [3] - In the US, Kia achieved record sales of 219,637 units during the quarter [3] Strategic Outlook - Kia anticipates ongoing global trade uncertainties, including tariffs, will continue to impact profitability, but remains committed to expanding its global presence through more hybrid models and a full electric vehicle lineup [5] - The company plans to leverage its flexible production system in the US to adapt to market demand and regulatory changes, while expanding its hybrid offerings [5] - In Europe, Kia aims to enhance its EV lineup with models such as EV4, EV5, and PV5, and in India, it will focus on maintaining sales momentum with the Syros SUV and launching a redesigned Seltos SUV [5]

Core Insights - The 13th Eastern Coastal (Yancheng) International Auto Expo officially opened on September 17, 2025, showcasing nearly 60 domestic and international car brands with 700 popular models [1] - The event focuses on "smart technology, consumer ecology, and lifestyle benefits," aiming to create a one-stop platform for brand display, automotive culture, entertainment experience, consumer interaction, and public welfare policies [1] Industry Overview - The auto expo features a comprehensive array of vehicles, including traditional fuel cars and new energy vehicles, catering to diverse consumer needs [1] - The event has successfully hosted twelve editions, with over 130,000 new cars sold and more than 2.05 million attendees, establishing itself as a significant automotive sales activity in Eastern Coastal China [2] Company Highlights - Local leading car manufacturer Yueda Kia showcased its full range of models, with new models like the 2026 Saitus and EV5 attracting significant attention [1] - New energy vehicle brands such as BYD, Li Auto, Xpeng, and others drew large crowds, highlighting the strong appeal of electric vehicles [1][2]

Core Viewpoint - The 2025 Qilu Autumn Auto Show will take place from September 4 to 8 at the Shandong International Convention and Exhibition Center, featuring favorable trade-in policies and limited-time discounts from various manufacturers, making it an ideal time for consumers to purchase vehicles [1] Group 1: Event Details - The auto show will showcase numerous manufacturers offering trade-in benefits and special promotions to facilitate car purchases for consumers [1] - This event is positioned as the most cost-effective opportunity for consumers to buy cars in the year [1] Group 2: Manufacturer Promotions - Beijing Off-road offers a 5,000 yuan exclusive gift package for orders placed at their booth, along with a maximum trade-in subsidy of 40,000 yuan [3] - Changan Automobile's third-generation UNI-V is available for 97,900 yuan after cash discounts, with additional promotional gifts [4] - NIO's models, the L60 and L90, come with three years of free battery swapping and five years of NOA navigation assistance [9] - Geely's fourth-generation Boyue L starts at 92,900 yuan with trade-in subsidies up to 18,000 yuan, while the Starry starts at 92,700 yuan with subsidies up to 20,000 yuan [10] - Hongqi offers up to 4% exclusive discounts for military personnel and teachers on select models [13] - Ford's Edge L has a starting price of 179,800 yuan with additional subsidies, while the Explorer starts at 259,800 yuan [14] - Dongfeng Yueda Kia provides cash discounts and trade-in subsidies, with total promotions reaching up to 90,500 yuan for various models [15] - Great Wall Motors' new Tank 500 models come with significant promotional offers, including free accessories and discounts [16]

Group 1 - Kia has been a long-time sponsor of the FIFA World Cup since 2002 and established a joint venture in Yancheng, China, marking the beginning of Korean automotive influence in the region [1] - The establishment of Dongfeng Yueda Kia in 2001 was a strategic move to obtain the necessary production qualifications for passenger vehicles, as Yueda lacked the required licenses [2] - Yueda Kia initially thrived in the mid-range market with models like K2 and Cerato, achieving peak sales of 650,000 units in 2016, but faced a dramatic decline in sales to 360,000 units in 2017, a drop of 45% [3] Group 2 - The partnership with Dongfeng ended in 2021 when Dongfeng sold its shares back to Yueda, leading to a shift in focus towards exports, with 63,000 units exported in the first half of 2023, contributing to half of total sales [3][5] - The establishment of HiPhi by Huaren Yuntong in Yancheng aimed at high-end electric vehicles, but faced challenges with low sales volumes and significant debt, leading to a halt in production in early 2024 [4] - Yueda Kia has introduced electric models like the EV6 and EV5, while also investing in new partnerships, such as a 166 million yuan investment in FAW Bestune, indicating ongoing efforts to transition to new energy vehicle manufacturing [5]

Core Viewpoint - Kia's record quarterly revenue of 29.35 trillion KRW is overshadowed by a significant 24.1% decline in operating profit, highlighting the impact of U.S. tariff policies on the global automotive supply chain [1][5][11] Group 1: Financial Performance - Kia achieved a global sales volume of 814,888 vehicles, marking a 2.5% year-on-year increase [1][3] - Operating profit fell to 2.76 trillion KRW (approximately 143.7 billion RMB), with a profit margin dropping below 10% for the first time in 11 quarters, now at 9.4% [1][5] - Net profit decreased by 23.3% year-on-year to 2.27 trillion KRW [5] Group 2: Sales Highlights - Sales of hybrid vehicles surged by 23.9% to 111,000 units, contributing to a total of 185,000 new energy vehicles sold, which accounted for 23.4% of global sales [3] - Strong demand for hybrid models in North America and new electric vehicle launches in South Korea and India drove growth [3][5] Group 3: Challenges and Strategic Adjustments - The introduction of a 25% import tariff in the U.S. led to a loss of 786 billion KRW (approximately 570 million USD) in operating profit [5] - Kia is implementing a dual-track strategy to mitigate tariff pressures, focusing on local production in Georgia for the U.S. market and reducing export allocations [7] - The company plans to increase the proportion of SUVs and hybrid models to 40% and aims to launch five new electric models by 2026 [7] Group 4: Market Outlook - Kia anticipates ongoing global market uncertainties due to U.S. trade policies, geopolitical risks, and weak consumer demand [9] - Negotiations regarding automotive tariffs between South Korea and the U.S. are ongoing, with a deadline set for August 1 [9] - Despite challenges, Kia remains committed to launching new electric models in various markets, including the Carens Clavis in India and the EV4 in Europe [9]

Core Viewpoint - The Chinese automotive market is undergoing a significant structural adjustment, with domestic brands increasing their market share at the expense of foreign brands, which now hold less than 35% of the market [4]. Group 1: Domestic Brand Growth - In 2024, domestic passenger car sales are projected to reach 17.97 million units, accounting for 65.2% of total passenger car sales, an increase of 9.2 percentage points year-on-year [4]. - In April 2025, domestic brands achieved retail sales of 1.15 million units, a year-on-year increase of 31%, with a market share of 65.5%, up 8 percentage points [4]. - From January to April 2025, domestic brands held a retail market share of 64%, an increase of 7.9 percentage points compared to the previous year, particularly gaining in the new energy and export markets [4]. Group 2: Challenges Faced by Foreign Brands - Kia is struggling in the Chinese market due to a lack of clarity in positioning and slow progress in electrification, with only 21.5% of global sales being electric models in 2024 [6]. - Skoda's sales in China fell by 23.1% year-on-year to 17,500 units in 2024, as it is squeezed by both the Volkswagen brand's price cuts and the competitive offerings from domestic brands [9][10]. - Jeep's focus on SUVs has led to a disconnect with Chinese consumer preferences, resulting in a decline in brand presence and market share [11]. Group 3: Global Performance of Foreign Brands - Despite challenges in China, Kia remains strong in its home market and is expanding in North America and Europe, achieving over 3 million global sales in 2024 [20]. - Skoda's global sales reached 926,600 units in 2024, with strong performance in Europe, particularly in Germany, the Czech Republic, and the UK [21]. - Jeep's brand recognition and performance in North America remain robust, with 90% of its global sales coming from this market, totaling 587,800 units in 2024 [23]. Group 4: Lessons Learned - The struggles of foreign brands in China highlight the importance of understanding local consumer preferences and adapting product strategies accordingly [28]. - Successful global strategies require a deep understanding of localization, which encompasses product definition, technology routes, brand communication, and supply chain management [29]. - Brands must recognize their positioning and strengths, focusing on markets that align with their core competencies rather than pursuing broad-scale expansion [29].

Group 1 - High合汽车 is undergoing restructuring due to debt issues, but has received a significant investment of $1 billion from Lebanese startup EV Electra to establish a new company in Yancheng, with factory operations expected to resume soon [1][2] - EV Electra has committed to achieving no less than 100,000 overseas procurement orders or $3 billion in orders over the next three years [2] - The Yancheng Economic and Technological Development Zone has released an environmental impact report for the "Yueda Kia Intelligent Green Technology Upgrade Project," which involves a technical upgrade of the High合汽车 factory with a total investment of 17.96 million yuan, expected to be completed by October this year [5][6] Group 2 - After the upgrade, the factory's designed production capacity will reach 150,000 passenger vehicles annually, covering three models under High合汽车, with respective annual outputs of 37,500, 37,500, and 75,000 units [7] - Yueda Kia's domestic sales in 2023 were 166,000 units, with a factory utilization rate of only 25%, but overseas sales exceeded 80,000 units, accounting for 48% of total sales [19] - In 2024, Yueda Kia is projected to sell 248,000 new vehicles domestically and export 364,000 units, indicating a strong focus on international markets [21] Group 3 - The Yancheng region is becoming a significant hub for the new energy vehicle industry, with various manufacturers and suppliers establishing operations, including Yueda Kia and other related companies [47][48] - The local battery and energy storage industry has reached a production capacity of 55 GWh, with ongoing projects expected to increase this to 180 GWh, making it the second-largest capacity in the country [54] - Notable investments in the region include projects from major players like BYD and SK Innovation, contributing to a robust supply chain for the new energy sector [56][57]

撰 文 / 洪晗琪 设 计 / 师 超 起亚汽车上一次出圈，是对席卷全行业的"价格战"公开唱反调。 "起亚不打算打价格战"，比起以低价换市场份额，起亚更关心如何在提升工人福利、保证产业链健 康的情况下涨销量。相比简单粗暴的"价格战"，起亚更想打一场由技术创新与产品升级驱动的"价 值战"。 这年3月，起亚中国发布新能源战略，计划在2023年-2027年期间，在中国市场推出6款电动车： EV6 GT、EV5、EV9、入门级SUV、基于新一代电动车专用平台开发的高端电动车、中型SUV。同 年，EV6 GT、EV5分别以进口、国产的方式快速导入国内市场。 市场的确朝着这个方向变化。根据乘联会数据，2024年1-10月，新能源乘用车L2级及以上的辅助驾 驶功能装车率达67.1%。过去一年，支持城区/高速自动驾驶辅助功能的车型，在20万元级市场广泛 中国之行坚定了起亚高层此前的判断：中国汽车市场的消费偏好已经与欧美地区截然不同。前者更 注重智能化、车联网及娱乐系统，后者则倾向于驾驶性能和品质 ——这更符合燃油车的产品开发 逻辑。 当竞争对手们为"流量"各显身手时，起亚更是表现佛系，发布会不对标"别人家的孩子"、不造概 念 ...