DAILY - UPDATED
Kia’s quarterly profit rises 91 percent to $890 million
Kia Motors’ first quarter profit surges 91 percent to $890 million as sales rise 30 percent!
Kia Motors announced today that its first quarter profits rose 91 percent to $890 million! During the same three month period in 2010 Kia recorded a profit of $466 million.
Kia’s global sales during the first quarter of the year are up 30 percent from a year ago. New models such as Kia K5 / Optima, Sportage SX and Picanto minicar helped the automaker to surpass 600.000 units sales mark in the first quarter of 2011 (619.089 units). Kia’s domestic increased 20 percent, while exports gained 37 percent, reported automaker earlier today.
Average selling prices for new vehicles rose 4.5 percent in South Korea and 10 percent for exports, also reported Kia.
Kia’s parent company Hyundai Motor Company also posted a healthy profit of $1.75 billion in the first quarter of 2011, up 46 percent compred to a year ago. During the first quarter of the year, Hyundai sold 922.000 new vehicles globally while its sales rose 9 percent from a year ago. [Source: Kia]