Hyundai affiliate Kia has announced that 2003 sales rose 5.6% compared to 2002 to an all-time high of 12.84 trillion won ($US11.1 billion), its third consecutive year of record sales.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Kia’s operating, ordinary and net profits rose 23.4%, 6.5% and 10%, respectively, to 812.4 billion won, 853.6 billion won and 705.4 billion won in 2003.
South Korea’s second-largest car maker said it will increase its annual sales 23.1% to 15.8 trillion won in 2004. Kia has targeted a 40.6% surge in profits to 1.2 trillion Won in 2004, as well as a 27.4% rise in annual vehicle sales to 1.09 million vehicles.
Exports rose by 19.8% to 538,902 vehicles in 2003, with the average price of each exported vehicle – boosted by surging Sorento SUV sales – rose from $9,900 to $11,200. Kia exports to Europe soared 58.8% last year thanks to the strong euro and new models.
Announcing the carmaker’s 2003 performance and 2004 business plans, Kia CEO and president Yoon Kook-jin said the company would soon pick the site for its first European plant from two finalists – Poland and Slovakia – and will also consider building a second car assembly plant in China in the longer term.
