Kia Motors’ 3Q profit climbs by 66 percent on strength of global sales

Article by Christian A., on October 30, 2010

As the sales of new models have been rising in Korea, China and the US, Kia Motors Co. posted a record quarterly profit in the third quarter.

South Korea's second-biggest automaker reported a 66% increase in its net income to 666.6 billion won ($593 million) in the three months ended Sept. 30 from 402 billion won a year ago. This surpassed the 504 billion won average of Bloomberg’s survey that recorded the estimates from 16 analysts.

Kia’s sales also rose 26% to 5.69 trillion won. According to data given before the earnings announcement, Kia revealed that it increased global deliveries by 24% as new models such as the K5 mid-sized sedan and revamped Sorento SUV boosted sales at home and overseas.

Sales in South Korea, which remains to be Kia's biggest market, climbed by 25% even as deliveries at Hyundai Motor Co., which holds 34% of Kia, fell by 12%.

Before the announcement of the earnings, Lee Myung Hoon, a Seoul-based analyst at E*Trade Securities Co., said that sales of Kia's new models rose even with higher prices. Lee said that it’s likely that in the fourth quarter, there would be record quarterly earnings. [via autonews - sub. required]

Topics: kia, sales, profit

If you liked the article, share on:

Comments

Recommended

New and improved 2018 Subaru Legacy comes packed with a number of upgraded features from the get go - from the exterior to the interior. And the company has finally...
by - June 23, 2017
In an interview involving Lamborghini CEO Stefano Domenicali and Automotive News, the topic about the Urus was thoroughly discussed. This super SUV is scheduled to make its debut later this...
by - June 23, 2017
Porsche definitely adores variety. You’ll see what we mean if you browse through the official company's website that shows a plethora of various 911 models. And now, the German marque...
by - June 23, 2017
2018 Ford Expedition is on its way to the market, and will be arriving at dealerships this fall. The all-new SUV will come with a new design, new EcoBoost engine,...
by - June 23, 2017
The 2018 Porsche 911 GT2 RS that made its debut not so long ago at the E3 video game expo in Los Angeles has already been sold out according to...
by - June 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries