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]
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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