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March 29, 2024

Kia to launch Stonic, Stinger in Europe this year

PUBLISHED : July 27, 2017 - 16:13

UPDATED : July 27, 2017 - 16:13

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[THE INVESTOR] Kia Motors, Korea’s second largest carmaker, said on July 27 it plans to roll out Stonic subcompact SUV and Stinger sports sedan in Europe this year.

“We plan to launch Stonic in Europe in September, followed by Stinger in October,” Kia Motors CFO Han Chun-soo said during a conference call after releasing the second-quarter earnings report. 

The carmaker expects to sell around 70,000 units of Stonic annually in Europe. 


Kia Motors Stonic SUV



Despite Kia’s overall sales decline in the first half, the European region logged profits, fueled by the popularity of Niro SUV and sedans, the company said. 

In the January-June period, Kia sold 252,000 units in Europe, up 9.5 percent from a year earlier. 

Kia has high hopes on sales in Europe and emerging markets that include Russia, Mexico and Canada to offset the sales slump in its major markets -- Korea, China and US. 

During the conference call, Kia said its second-quarter operating profit plummeted 47.6 percent on-year to 404 billion won (US$362.88 million), hit by sharp sales decline in China due to ongoing political tension over the deployment of the US-led THAAD missile system. 

Revenue dropped 6 percent to 13.58 trillion won, while net profit slumped 52.8 percent to 389.6 billion won. 

In the April-June period, Kia sold 660,264 units in Korea and overseas, down 12.2 percent from a year earlier. 

As for the first half of this year, Kia sold 1.32 million units, down 9.5 percent on-year.

By Ahn Sung-mi (sahn@heraldcorp.com)

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