Kia Says US Tariffs Cost $2.3 Billion Last Year as Profit Drops

Kia Corp. said US tariffs cost it 3.3 trillion won ($2.3 billion) last year and the South Korean automaker will roll out incentives to boost sales as competition intensifies.

Tariffs totaled about 1 trillion won in the fourth quarter alone, Kia said Wednesday, driving a 32% slump in operating profit from a year earlier to 1.8 trillion won. That missed analyst estimates for 1.9 trillion won and came despite the company reporting its highest-ever fourth-quarter revenue on strong demand for electric and hybrid cars.