Kia Motor Corporation has just edged out Daewoo to
be South Korea’s second largest motor vehicle manufacturer, according to the
authoritative business magazine Asiaweek.In its annual rankings of Asian businesses,
just released, the magazine lists Kia as Asia’s 167th largest company,
while Daewoo Motor occupies the 182nd position. Among motor vehicle
manufacturers Kia is placed 13th, with total sales of $US6,708.3 million
against Daewoo’s 14th position, with sales totalling $US6,094.6 million.
South Korea’s largest vehicle manufacturer, Hyundai Motor, is placed 8th
among vehicle manufacturers with sales of $US12,259.1 million, and given the pending
merger of Kia and Hyundai it’s interesting to add the results of the two operations.
This gives a total sales figure of $US18,967.4 million, which would place the merged
operation in 5th position immediately behind Mitsubishi.
The General Manager of Kia Motors Australia, Mr David Hughes, said that Kia Motor
Corporation’s great result was particularly impressive given that it had been
operating under such difficult economic conditions.
"That Kia has managed to out-sell Daewoo during such trying times is an
extraordinary achievement, and speaks volumes for the quality of Kia’s
products," he said.
"Following the pending merger with Hyundai, which will give Kia’s business
operation rock solid stability, I am looking forward to seeing the marque emerge as one of
the world’s strongest brands."
Kia Motors Australia is a fully-owned subsidiary of Itochu Corporation of Japan, which
in the Asiaweek rankings was placed as the third largest company in Asia. Its sales
totalled $US128,477.6.
