# Who are Kia's customers? Who does Kia earn revenue from?
Canonical: https://valuechain.wiki/kia · Facet: customers · Updated: 2026-10-10T16:08:11.478+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Kia's confirmed revenue counterparties include Uber (PBV) plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 3 revenue edges, backed by 4 dated sources, 1 of them primary filings (as of 2026-10-10).

### 글로벌 완성차 고객 (북미 중심) (high)
- note: 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.
- [mentions] Samsung Securities (via Financial News) (KO, research, published 2026-06-02) https://www.fnnews.com/news/202606020739011665: "Samsung Securities: Kia deeply undervalued vs Hyundai Motor; earnings recovery plus Mobis-stake value supports a KRW 240,000 target."
- [confirms] DART (Financial Supervisory Service) (KO, filing, published 2026-03-12) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001224: "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."
- [confirms] The Korea Herald (EN, news, published 2026-01-28) https://www.koreaherald.com/article/10664930: "US tariffs cut Kia's 2025 operating profit 28.3% to KRW 9.08tn despite record revenue; margin fell to 8% from 11.8%."

### 전동화 고객 (EV·HEV·PBV) (high)
- note: 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.
- [confirms] DART (Financial Supervisory Service) (KO, filing, published 2026-03-12) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001224: "Launched EV4, EV5 and PV5 to take the #1 domestic EV share; leading the electrification shift."

### 현대차 (최대주주 35.17%) (high)  → /hyundai-motor-company.md
- note: 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.
- [confirms] DART (Financial Supervisory Service) (KO, filing, published 2026-03-12) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001224: "As of period-end, the largest shareholder is Hyundai Motor Co., holding 35.17% of shares."

### Uber (PBV) (mid)  → /uber.md
- note: 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.
- [confirms] PR Newswire (Kia) (EN, ir, published 2024-01-10) https://www.prnewswire.com/news-releases/kia-signs-mou-to-offer-ride-hailing-pbvs-to-drivers-on-the-uber-platform-302031950.html: "Kia-Uber MoU: ride-hailing-optimized PV5 supply (CES 2024); PV5 launched 2025."

Reverse side: https://valuechain.wiki/kia/suppliers.md · Ripple: https://valuechain.wiki/kia/ripple.md

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Full node: https://valuechain.wiki/kia.md · JSON: https://valuechain.wiki/kia.json