{"slug":"kia","name":"기아","name_en":"Kia","ticker":"000270.KS","updated_at":"2026-07-12T03:26:44.879+00:00","canonical":"https://valuechain.wiki/kia","citable":"밸류체인 그래프 기준 기아의 직접 연결 기업은 4곳(관계 기준 공급 2·매출 1·투자 2)이고, 사슬을 2차까지 넓히면 9곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Kia is directly linked to 4 companies (2 supply, 1 revenue, 2 investment relationships) and reaches 9 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"코스피 · 완성차 · 현대차그룹 볼륨엔진","kicker_en":"KOSPI · autos · Hyundai Group volume engine","lead":"현대차그룹 안에서 볼륨·RV·전동화 가치를 책임지는 국내 2위 완성차사로, 현대차가 지분 35.17%를 쥔 최대주주이자 기아 자신은 현대모비스 17.27%를 보유해 그룹 순환출자에서 떼어낼 수 없는 위치에 있다. FY2025 매출은 114.1조원(+6.2%)으로 사상 최대였지만 영업이익은 9.08조원(-28.3%)·OPM 8.0%로 급감했는데, 원인은 단일하다 — 최대 시장 북미에 부과된 미국 관세가 약 2.9조원의 이익을 지웠기 때문이다. 지금 이 노드의 관전 포인트는 관세 상쇄 능력: 조지아 메타플랜트 현지생산으로 관세를 우회하고 EV·HEV 투트랙으로 믹스를 방어해 2026년 영업이익 10.2조원 회복을 노린다.","lead_en":"Korea's #2 automaker and the volume/RV/electrification-value engine within Hyundai Motor Group — Hyundai Motor is its largest shareholder at 35.17%, while Kia itself owns 17.27% of Hyundai Mobis, leaving it inseparable from the group's circular ownership. FY2025 revenue was a record KRW 114.1tn (+6.2%), yet operating profit collapsed to KRW 9.08tn (-28.3%) at an 8.0% margin for a single reason — US tariffs on its largest market, North America, erased ~KRW 2.9tn of profit. The watch item is Kia's ability to offset tariffs: localizing at the Georgia Metaplant to bypass duties and defending mix with an EV/HEV two-track, aiming to recover operating profit to KRW 10.2tn in 2026.","segments":{"fy":2025,"parts":[{"desc":"글로벌 판매 313.6만대(역대 최다)·매출 114.1조원. 북중미(미국 중심)가 최대 지역이라 미국 관세 2.9조원이 영업이익을 12.7조→9.08조로 눌렀다. RV(쏘렌토·스포티지·카니발)와 소형 SUV가 볼륨의 중심.","name":"완성차 (승용·RV·상용)"},{"desc":"전동화 74.9만대(+17.4%, 전체 24.2%)·국내 EV 점유 1위. 미국 EV 세제혜택 폐지에 맞춰 EV↔HEV 생산을 유연 전환, 전용 PBV PV5로 라이드헤일링 등 신수요를 개척.","name":"전동화 (EV·HEV·PBV)"}],"total":"114조1,409억원 (2025 연결매출, +6.2%·사상 최대) — 그러나 영업이익 9.08조원(-28.3%)·OPM 8.0%로 관세가 마진을 압축","source":"기아 제82기 사업보고서(DART, 2026-03-12)"},"segments_en":{"fy":2025,"parts":[{"desc":"All-time-high 3.136M global units, KRW 114.1tn revenue. North/Central America (US-led) is the largest region, so ~KRW 2.9tn of US tariffs pushed operating profit from KRW 12.7tn to 9.08tn. RVs (Sorento, Sportage, Carnival) and small SUVs anchor the volume.","name":"Vehicles (passenger, RV, commercial)"},{"desc":"749k electrified units (+17.4%, 24.2% of mix), #1 domestic EV share. As US EV credits end, Kia flexibly shifts EV↔HEV output and opens new demand (ride-hailing) with the dedicated PV5 PBV.","name":"Electrification (EV, HEV, PBV)"}],"total":"KRW 114.14tn (2025 consolidated revenue, +6.2%, record) — but operating profit KRW 9.08tn (-28.3%) at an 8.0% margin as tariffs compressed margin","source":"Kia FY2025 Annual Report (DART, 2026-03-12)"},"returns_yearly":{"2021":3.1,"2022":-13.8,"2023":54,"2024":3.7,"2025":60.1,"2026":0.9},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"uber","name":"Uber","name_en":"Uber","tier":1,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}}],"benefiting":[{"slug":"hyundai-mobis","name":"현대모비스","name_en":"Hyundai Mobis","tier":1,"returns_yearly":{"2021":-25.8,"2022":-9.3,"2023":2.1,"2024":27.7,"2025":74.5,"2026":10}},{"slug":"hyundai-motor-company","name":"현대차","name_en":"Hyundai Motor 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Ltd","tier":3,"returns_yearly":null},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null}],"analysis":"투자 논점은 '관세로 눌린 마진을 얼마나 빨리 되돌리느냐'와 '순환출자 지분가치의 재평가'다. FY2025는 매출 사상 최대에도 미국 관세 2.9조원이 영업이익을 28% 깎아 OPM이 11.8%→8.0%로 후퇴했고, 2026년 관세 부담은 3.3~3.5조원으로 더 커질 전망이라 조지아 메타플랜트 현지생산(관세 우회)과 EV·HEV 투트랙이 실적 방어의 관건이다. 그럼에도 증권가가 매수(목표가 20~24만원, 현주가 대비 큰 상승여력)를 유지하는 이유는 두 갈래 — ① 2026년 영업이익 10.2조원 회복 가이던스, ② 보유 현대모비스 지분 17.27%의 숨은 가치로, 삼성증권은 기아가 현대차 대비 과도한 저평가라고 본다. 그래프상 파급은 현대차(최대주주 35.17%)·현대모비스(매입+지분)·현대제철로 그룹 수직계열에 깊게 물려 있어, 관세·철강가격이 이 사슬을 타고 기아 원가로 전이된다.","analysis_en":"The debate is how fast Kia reverses tariff-compressed margins and whether its circular-ownership stakes get re-rated. FY2025 paired record revenue with a 28% profit cut from ~KRW 2.9tn of US tariffs, pulling the margin from 11.8% to 8.0%; with the 2026 tariff burden seen rising to KRW 3.3-3.5tn, localizing at the Georgia Metaplant and running an EV/HEV two-track are the keys to defending earnings. Analysts still rate it Buy (targets KRW 200-240k, large upside) on two threads — the 2026 guidance to recover operating profit to KRW 10.2tn, and the hidden value of its 17.27% Hyundai Mobis stake, with Samsung Securities calling Kia deeply undervalued versus Hyundai Motor. Its graph ripple runs deep into the group's vertical chain — Hyundai Motor (35.17% owner), Hyundai Mobis (supplier and stake) and Hyundai Steel — so tariffs and steel prices transmit down that chain into Kia's cost base.","analysis_asof":"2026-06-02"},"edges":[{"direction":"cost","counterparty":"현대모비스 (모듈·부품)","counterparty_slug":"hyundai-mobis","confidence":"high","metric":{"relationship":"largest_module_supplier","kia_owns_mobis_pct":17.27},"note":"기아 원가의 최상류 의존처 — 섀시·칵핏·프런트엔드 3대 모듈과 전동화 핵심부품(구동·배터리시스템)을 현대모비스에서 통합 매입한다. 그룹 수직계열의 핵심 고리라 대체가 사실상 불가능하고, 동시에 기아가 모비스 지분 17.27%를 보유해 매입과 지분가치가 한 몸으로 묶인 순환구조.","note_en":"The upstream anchor of Kia's cost base — the three core modules (chassis, cockpit, front-end) and key electrification parts (drivetrain, battery systems) are sourced from Hyundai Mobis. As the central link of the group's vertical chain it is effectively irreplaceable, and because Kia also owns 17.27% of Mobis, its purchasing and equity value are bound together in the circular structure.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Financial Supervisory Service)","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001224","title":"기아 제82기 사업보고서 (2025.12)","title_en":"Kia FY2025 Annual Business Report (DART, filed 2026-03-12)","excerpt":"주요 원재료 엔진·미션·모듈 등을 현대모비스·현대위아 등 현대자동차그룹 계열회사로부터 공급받음.","excerpt_en":"Key materials (engines, transmissions, modules) sourced from group affiliates incl. Hyundai Mobis and Hyundai Wia."}]},{"direction":"revenue","counterparty":"글로벌 완성차 고객 (북미 중심)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"units":3135873,"opm_pct":8,"op_krw_tn":9.08,"revenue_krw_tn":114.14,"tariff_cost_krw_tn":2.9},"note":"매출 114.1조원(FY2025, +6.2%·사상 최대)의 최대 지역이 북중미(미국 중심)라는 구조가 곧 최대 리스크로 돌아왔다 — 판매는 글로벌 313.6만대로 역대 최다였지만, 미국 관세 약 2.9조원이 영업이익을 12.7조→9.08조(-28.3%)로, OPM을 11.8%→8.0%로 끌어내렸다. 볼륨·믹스로 벌어도 관세가 마진을 지우는 국면.","note_en":"Record revenue of KRW 114.1tn (FY2025, +6.2%) leans on North America (US-led) as its largest region — and that concentration became the key risk: even with all-time-high global sales of 3.136M units, ~KRW 2.9tn of US tariffs cut operating profit from KRW 12.7tn to 9.08tn (-28.3%) and the margin from 11.8% to 8.0%. Volume and mix earned it, tariffs erased it.","sources":[{"stance":"mentions","publisher":"삼성증권(파이낸셜뉴스)","publisher_en":"Samsung Securities (via Financial News)","kind":"research","lang":"ko","published_at":"2026-06-02","url":"https://www.fnnews.com/news/202606020739011665","title":"삼성증권, 기아 목표가 24만원 상향 — 실적 성장+현대모비스 지분가치 부각","title_en":"Samsung Securities lifts Kia PT to KRW 240,000 — earnings growth plus hidden value in its Hyundai Mobis stake ('half the price of Hyundai Motor')","excerpt":"삼성증권: 기아는 현대차 대비 과도한 저평가, 실적 회복+현대모비스 지분가치로 목표가 24만원.","excerpt_en":"Samsung Securities: Kia deeply undervalued vs Hyundai Motor; earnings recovery plus Mobis-stake value supports a KRW 240,000 target."},{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Financial Supervisory Service)","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001224","title":"기아 제82기 사업보고서 (2025.12)","title_en":"Kia FY2025 Annual Business Report (DART, filed 2026-03-12)","excerpt":"제82기 매출액 114,140,919백만원, 영업이익 9,078,148백만원; 북중미(KUS 외 포함)가 최대 지역, 생산실적 285.1만대·가동률 91.6%.","excerpt_en":"FY2025 revenue KRW 114,140,919m, operating profit KRW 9,078,148m; North/Central America the largest region; output 2.85M units at 91.6% utilization."},{"stance":"confirms","publisher":"코리아헤럴드","publisher_en":"The Korea Herald","kind":"news","lang":"en","published_at":"2026-01-28","url":"https://www.koreaherald.com/article/10664930","title":"미국 관세가 기아 2025 이익을 깎았다 — 사상 최대 매출에도 영업익 급감","title_en":"US tariffs cut into Kia's profit in 2025 despite record revenue","excerpt":"US tariffs cut Kia's 2025 operating profit 28.3% to KRW 9.08tn despite record revenue; margin fell to 8% from 11.8%.","excerpt_en":"US tariffs cut Kia's 2025 operating profit 28.3% to KRW 9.08tn despite record revenue; margin fell to 8% from 11.8%."}]},{"direction":"revenue","counterparty":"전동화 고객 (EV·HEV·PBV)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"yoy_pct":17.4,"ev_hev_units":749000,"ev_hev_share_pct":24.2},"note":"관세로 눌린 마진을 상쇄할 두 번째 성장 벡터 — 전동화차 판매 74.9만대(+17.4%)로 전체의 24.2%를 차지하고, 국내 EV 점유율 1위(EV4·EV5·전용 PBV PV5)를 달성했다. 미국 EV 세제혜택 폐지·HEV 수요 증가에 맞춰 EV↔HEV 생산을 유연 전환하는 전략이 2026년 실적 방어의 핵심.","note_en":"The second growth vector meant to offset tariff-squeezed margins — electrified sales of 749k units (+17.4%) reached 24.2% of the mix, and Kia took the #1 domestic EV share (EV4, EV5, the dedicated PV5 PBV). With US EV credits ending and HEV demand rising, flexibly shifting EV↔HEV output is central to defending 2026 earnings.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Financial Supervisory Service)","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001224","title":"기아 제82기 사업보고서 (2025.12)","title_en":"Kia FY2025 Annual Business Report (DART, filed 2026-03-12)","excerpt":"EV4·EV5·PV5 출시로 국내 EV 시장점유율 1위 달성; 전동화 전환 선도 전략.","excerpt_en":"Launched EV4, EV5 and PV5 to take the #1 domestic EV share; leading the electrification shift."}]},{"direction":"cost","counterparty":"현대제철 (자동차 강판)","counterparty_slug":"hyundai-steel-company","confidence":"high","metric":{"input":"automotive_steel","second_source":"POSCO"},"note":"차체 원가를 좌우하는 철판을 현대제철에서 주로 매입하고 포스코를 병행 조달한다 — 그룹 내 현대제철이 자동차용 고강도 강판을 전담해 공급 안정성은 높지만, 철강 가격·미국 철강 관세가 원가율에 직접 전가되는 통로이기도 하다. 그룹은 순환출자 해소 과정에서 현대제철 지분 TRS도 운용 중.","note_en":"Automotive sheet steel — the swing factor in body cost — is bought mainly from Hyundai Steel, with POSCO as a second source. In-group Hyundai Steel dedicates high-strength automotive grades, giving supply stability, but it is also the channel through which steel prices and US steel tariffs feed straight into the cost ratio; the group also runs a Hyundai Steel-share TRS as it unwinds cross-holdings.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Financial Supervisory Service)","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001224","title":"기아 제82기 사업보고서 (2025.12)","title_en":"Kia FY2025 Annual Business Report (DART, filed 2026-03-12)","excerpt":"주요 원재료 철판 등을 현대제철·포스코 등에서 매입.","excerpt_en":"Sheet steel and other materials purchased from Hyundai Steel, POSCO and others."}]},{"direction":"cost","counterparty":"SK온·LG에너지솔루션 (그룹 배터리 JV)","counterparty_slug":null,"confidence":"high","metric":{"plants":"Georgia (HSBMA, LGES JV)","qualifier":"multi_sourced_group_jv"},"note":"기아 EV의 심장인 셀은 현대차그룹 차원의 통합 조달로 확보한다 — 조지아 HSBMA(SK온 JV)와 조지아 LG엔솔 JV 셀이 기아 조지아 공장 EV에 투입되고, E-GMP 플랫폼을 현대차와 공유해 규모의 경제를 낸다. 두 공급사를 병행하는 멀티소싱은 셀 공급 리스크를 낮추지만, 미국 IRA/관세 환경 변화에 조달구조가 함께 흔들린다.","note_en":"The cells at the heart of Kia's EVs are secured through Hyundai Motor Group-level sourcing — Georgia HSBMA (SK On JV) and the Georgia LG Energy Solution JV feed Kia's Georgia-built EVs, sharing the E-GMP platform with Hyundai for scale. Dual-sourcing lowers cell-supply risk, but the sourcing structure moves with shifts in US IRA/tariff policy.","sources":[{"stance":"confirms","publisher":"서울경제(영문)","publisher_en":"Seoul Economic Daily","kind":"news","lang":"en","published_at":"2026-03-27","url":"https://en.sedaily.com/finance/2026/03/27/hyundai-motor-group-sk-on-finalize-us-battery-jv-name-as","title":"현대차그룹·SK온 JV 'HSBMA' 확정","title_en":"Hyundai and SK On finalize US battery JV 'HSBMA'","excerpt":"Kia Georgia EVs draw cells from group JVs with SK On (HSBMA) and LG Energy Solution.","excerpt_en":"Kia Georgia EVs draw cells from group JVs with SK On (HSBMA) and LG Energy Solution."},{"stance":"confirms","publisher":"현대자동차그룹","publisher_en":"Hyundai Motor Group","kind":"ir","lang":"ko","published_at":"2025-01-24","url":"https://www.hyundaimotorgroup.com/ko/news/CONT0000000000168809","title":"기아 2024년 4분기 경영실적","title_en":"Kia 2024 Q4 results","excerpt":"현대차그룹, SK온·LG엔솔 조지아 JV 셀을 그룹 EV에 통합 조달, E-GMP 공유.","excerpt_en":"Hyundai Motor Group integrates SK On/LGES Georgia JV cells into group EVs, sharing E-GMP."}]},{"direction":"investor","counterparty":"현대차 (최대주주 35.17%)","counterparty_slug":"hyundai-motor-company","confidence":"high","metric":{"hmc_owns_kia_pct":35.17},"note":"기아를 현대차그룹의 지배구조에서 떼어낼 수 없게 만드는 축 — 현대차가 기아 지분 35.17%를 보유한 최대주주다. 현대차→기아→현대모비스→현대차로 이어지는 순환출자의 한 변으로, 두 완성차사는 플랫폼(E-GMP)·배터리 조달·미국 조지아 생산을 공유하는 사실상 한 몸의 볼륨 엔진이다.","note_en":"The axis that makes Kia inseparable from Hyundai Motor Group governance — Hyundai Motor is the largest shareholder with 35.17% of Kia. It is one leg of the Hyundai→Kia→Mobis→Hyundai circular ownership, and the two automakers share the E-GMP platform, battery sourcing and US Georgia production as effectively one volume engine.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Financial Supervisory Service)","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001224","title":"기아 제82기 사업보고서 (2025.12)","title_en":"Kia FY2025 Annual Business Report (DART, filed 2026-03-12)","excerpt":"당기말 현재 당사의 최대주주는 발행주식의 35.17%를 보유한 현대자동차㈜.","excerpt_en":"As of period-end, the largest shareholder is Hyundai Motor Co., holding 35.17% of shares."}]},{"direction":"investment","counterparty":"현대모비스 (지분 17.27%)","counterparty_slug":"hyundai-mobis","confidence":"high","metric":{"kia_owns_mobis_pct":17.27},"note":"기아 밸류에이션의 숨은 자산 — 기아는 현대모비스 지분 17.27%를 지분법으로 보유하며, 이는 순환출자 구조상 현대차그룹 지배의 한 축이자 상당한 미실현 지분가치다. 삼성증권 등은 완성차 실적 회복과 별개로 이 모비스 지분가치가 기아 저평가 해소의 트리거라고 지목한다.","note_en":"A hidden asset in Kia's valuation — Kia holds a 17.27% equity-method stake in Hyundai Mobis, a leg of the circular-ownership control structure and a sizable unrealized value. Analysts (e.g. Samsung Securities) flag this Mobis-stake value, apart from any earnings recovery, as the trigger to unwind Kia's discount.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Financial Supervisory Service)","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001224","title":"기아 제82기 사업보고서 (2025.12)","title_en":"Kia FY2025 Annual Business Report (DART, filed 2026-03-12)","excerpt":"관계기업 현대모비스㈜ 지분율 17.27% 보유(지분법 적용).","excerpt_en":"Holds 17.27% of associate Hyundai Mobis (equity method)."}]},{"direction":"revenue","counterparty":"Uber (PBV)","counterparty_slug":"uber","confidence":"mid","metric":{"program":"PV5 ride-hailing","qualifier":"confirmed_no_disclosed_value"},"note":"기아의 PBV(목적기반차량) 사업이 완성차 사이클과 다른 수요선을 여는 첫 앵커 고객 — CES 2024에서 라이드헤일링 특화 PV5 공급 MoU를 맺었고 PV5는 2025년 양산에 들어갔다. 우버 기사 대상 물량은 소비 경기와 무관한 플랫폼 리플레이스먼트 수요라 완성차 판매의 경기민감성을 상쇄하는 구조적 옵션.","note_en":"The first anchor customer opening a demand line distinct from the vehicle cycle for Kia's PBV (purpose-built vehicle) business — a CES 2024 MoU to supply the ride-hailing-tuned PV5, which entered production in 2025. Volume for Uber drivers is platform-replacement demand largely decoupled from consumer sentiment, a structural hedge against the cyclicality of car sales.","sources":[{"stance":"confirms","publisher":"PR Newswire (Kia)","publisher_en":"PR Newswire (Kia)","kind":"ir","lang":"en","published_at":"2024-01-10","url":"https://www.prnewswire.com/news-releases/kia-signs-mou-to-offer-ride-hailing-pbvs-to-drivers-on-the-uber-platform-302031950.html","title":"기아·우버, PBV 공급 MoU","title_en":"Kia signs MoU to offer PBVs to Uber drivers","excerpt":"Kia-Uber MoU: ride-hailing-optimized PV5 supply (CES 2024); PV5 launched 2025.","excerpt_en":"Kia-Uber MoU: ride-hailing-optimized PV5 supply (CES 2024); PV5 launched 2025."}]}]}