On the strength of its new V6 people mover, the Carnival,
Kia Motors Corporation of Korea has edged out Daewoo to grab the second-highest sales in
Korea for the first six months of 1999.Sales in the January to June period saw a
spectacular rise of 21.5 per cent, with most of the increase being attributed to the
Carnival, which is to be released in Australia in September. The new, compact Carens
people mover, also being considered for this market, also made a late charge into the
figures after its release in May.
On the back of this success KMC is expected to make an annual profit of 100.5 billion
won ($A128 million), it’s highest ever, in what the Korea Times describes as
"a major turnaround." A year ago the company was 4.2 trillion won ($A5 billion)
in deficit.
The recovery can be attributed to Kia’s restructuring as well as the strength of
its product line up. In 1996 it sold 770,000 vehicles on a workforce of 43,000. In 1999
the production target, which the company is very confident of meeting, is 837,000 on a
workforce of just under 30,000.
The general manager of Kia Motors Australia, Mr David Hughes, said KMC’s recovery
was strongly assisted by burgeoning international demand for its vehicles.
"Every world market has been pushing to secure the Carnival, and Australia will be
the first right-hand drive market with it," he said.
On the strength of its new V6 people mover, the Carnival,
Kia Motors Corporation of Korea has edged out Daewoo to grab the second-highest sales in
Korea for the first six months of 1999.