Autos - Asia Pacific: Kia/Mobis/Wia: 2Q26 highlights

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Autos - Asia Pacific: Kia/Mobis/Wia: 2Q26 highlights

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Autos - Asia Pacific

Kia/Mobis/Wia: 2Q26 highlights

Price Objective Change

Kia: BEV incentive costs in Europe larger-than-expected 24 July 2026

Kia’s W2.6tn 2Q26 OP (-5%/+19% YoY/QoQ) stood 12%/7% lower than our/consensus Equity

estimates of W2.99tn and W2.83tn, respectively. Kia achieved 8% OPM (vs. 9.4%/7.5% Asia Pacific

in 2Q25/1Q26), thanks to; 1) volume growth (+W315bn), and 2) KRWUSD depreciation Autos

(+W669bn) but US tariffs, incentive spending (including those for European BEV sales), KJ Hwang >>

lower ASP (-W723bn), product mix impact (-W178bn), and raw material costs remained Research Analyst

pressured margins. By powertrain mix, BEV/HEV represented 13%/21% of sales volume Merrill+82 2 3707Lynch0460(Seoul)

in 2Q26. Looking ahead, we continue to see new Sportage HEV production at HMGMA, kj.hwang@bofa.com

line capacity expansion of Telluride SUV, and Seltos full-model-change as positive Dongho Shin >>

Research Analyst

earnings growth drivers in 3Q/4Q26 (+57%/+55% YoY). Finetune our EPS forecasts after Merrill Lynch (Seoul)

reflecting 2Q26 results; Reiterate Buy rating and lower PO from W200,000 to W180,000. dongho.shin@bofa.com

Hyundai Mobis: Core parts margin improvement in sight

Acronyms2Q26 OP of W975bn (+12%/+21% YoY/QoQ) came in 13% above our estimate of

W817bn. Its auto-parts OP returned to positive territory of W22bn from -W121bn BEV: Battery electric vehicle

operating loss in 1Q26 but slid -48% YoY from 2Q25 level. After-service OP of W953bn HEV: Hybrid electric vehicle

(+15%/+3% YoY/QoQ, 28% OPM) came in slightly below our estimate of W989bn (27% SUV: Sports utility vehicle

OPM) due to revenue impact from unrest in Gulf region which outweighed favorable PTU: Power transfer unit