DAILY - UPDATED
Kia Motors Q1 profit rises 26%
Kia Motors’ first quarter net profit up 26 percent on global sales gain!
Kia Motors reported an all-time high quarterly profit of $1.1 billion earlier today. Robust global sales have helped Kia’s first quarter net profit rise by 26 percent compared to a year ago!
The South Korean second largest carmaker benefited from higher sales of its latest vehicles and the overall recovery of the US car market.
Cheaper South Korean Won and free trade deals with Europe and the United States have also helped the carmaker to achieve its best-ever quarterly profit.
However, the main reason for the profit gain was higher global car sales in the January-March period.
During the first quarter of 2012, Kia posted significant year-on-year sales increase in all regions of the world, with sales soaring as much as 32 percent in the USA, 25 percent in Europe and 15% in China.
A total of 690,830 Kia vehicles were sold worldwide in the first three months of this year.
In terms of sales, Kia Motors will continue to perform well this year say automotive industry experts. The carmaker will introduce several new models to boost its sales at its home and international markets.
New Kia Car News
In Korea, Kia plans to introduce a high-end luxury sedan, called K9 and a brand-new K3 compact sedan, which would both help to offset falling domestic sales (declined 7.4 percent in 2012).
The all-new Kia K3 compact is a completely redesigned version of the Forte sedan which will be launched in Korea by mid-September.
The K3 sedan, which shares its platform with the European Kia cee’d, will also go on sale in the USA, but we have no official release date at this point.