• Oct 31st 2010 at 11:33AM
  • 21
In spite of a ridiculous 247WallStreet.com article that simply will not die, Kia appears to be doing anything but going out of business. Hyundai's "weakest brand," as it was called, just posted a 66 percent increase in profit for Q3. Kia's home market sales, in South Korea, rose by 25 percent, while international sales were only a shade off, increasing by 24 percent – in the U.S. specifically, sales were up eight percent.

That has meant 541,884 retail sales, earning net income of 666.6 Korean won ($593 million) and an operating profit of 421 billion won ($375M U.S.). Sales of the new Kia K5/Optima and Sorento have been credited – and we're sure new Sportage sales haven't hurt – and record profits are expected again in the fourth quarter.

[Source: Bloomberg]

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    • 1 Second Ago
      • 4 Years Ago
      666.6 won.

      I see what you did there. Happy Halloween!

      And great news for Kia!
      • 4 Years Ago
      Honda's profit is 6.6 times larger than a year ago.

      http://www.sankeibiz.jp/business/news/101029/bsa1010291535007-n1.htm (Japanese language)
        • 4 Years Ago
        Yeah, but their designs are HORRIBLE.

        Back to the drawing board Honda.
      • 4 Years Ago
      I wonder how long it will take SsangYong to start exporting to the US?
        • 4 Years Ago
        SSangyong is not owned by chinese anymore...
        and GMDaewoo will change its name to Chevrolet in Korea as well by 2011.
        But continously GM's small car development will be held in GM's Korean department..
        (Spark,Aveo,Cruze...etc..)or european GM models....(Captiva,Orlando..)
        • 4 Years Ago
        Arent they owned by the Chinese? Or did that recently change?

        I'd like to have Daewoo WOO WOO back in the US marketplace :D
      • 4 Years Ago
      It will be interesting to see how this Hyundai/Kia duo develops, since its obvious that Kia is no longer being treated as a "budget" brand but rather as a legitimate competitor to Honda/Toyota/Ford/etc.
        • 4 Years Ago
        Hyundai only has 39% ownership of Kia.

        This is a majority stake, NOT a controlling stake. BIG DIFFERENCE.

        They share only platform and power train. That is it. Everything else, headquarter, design, engineering, customer service etc. are completely independent of each other.

        They can be seen as competitors rather than siblings. So this luxury brand vs mainstream brand talk is out of the question.
        • 4 Years Ago
        with most Asian companies, the largest shareholder (even if it's not majority) HAS the controlling stake.
        • 4 Years Ago
        I think Hyundai wants to position itself as more of a luxury/traditional type of car, design and road feel, while Kia wants to target the "sport" segment, making its cars geared to a sport and firm setting.
      • 4 Years Ago
      Im glad to see Kia taking their fair share of the pie. Would I buy one? Probably not, but Id definitely visit their showrooms first before I ever set foot in a Toyota or Honda dealer!
      • 4 Years Ago
      "earning net income of 666.6 Korean won ($593 million)"

      Autoblog, don't u mean 666.6 BILLION Korean won? cuz 666.6 Korean Won is about 60cents American.
      • 4 Years Ago
      666 profit? Clearly Kia is the devil.
      • 4 Years Ago
      My understanding is that Kia outsells Hyundai at home.
      • 4 Years Ago
      I think we will see Suzuki and Mitsubishi leave the U.S. market before we see Kia leaving.
      • 4 Years Ago
      Congrats Kia.
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