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]

5 thoughts on “Kia’s quarterly profit rises 91 percent to $890 million

  1. Hyundai sold 1/3rd more cars but made only twice the profit…does that simply mean that Hyundai is charging more than they should for their cars? It’s great news whatever the answer is ta that question as my 2nd favorite automaker just gets betta and betta and betta and betta with every passing 6-month period. Viva Kia, baby!

  2. A 91% rise in net profit in the first quarter is surely impressive for a car company in this economy. The rise was due to a robust demand for new models and an increased sales ratio of high-end to low-end cars. The Saturday Wall Street Journal states Kia Motors was down 3.5% despite posting these quarterly numbers. On a personal note, I’m still quite impressed with my ’10 Forte EX although I’d like to have a bit better MPG. Yea, Kia!

  3. With the “decontented” specs on the new 2012 Hyundai Accent with (NO) significant upgradeable trim levels available, the 2012 KIa Rio will probably outsell the Accent if availability of the vehicle is at dealerships. One thing where KMA dropped the ball was in 2006 when the Rio5 was introduced to very high demand but USA Kia Dealerships had NO inventory and these vehicles were difficult to get. With this launch, hopefully plenty of KIa Rio5`s will be available in all color and trim levels. I want mine, NOW!

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