Kia Profits Rise in Third Quarter
Despite a three-week union strike in its home country of Korea, Kia profits still rose by 8.9% in the third quarter. Kia reported quarterly income rose from 829.5 billion won last year to 903.3 billion won ($850 million) this year. Though, analysts had predicted a net income of 973.3 billion won.
During the strike, Kia lost an estimated 414 billion won in production and it also faced a slump of 4.9% in U.S. sales. It did, however, see an increase in sales in both Europe and China, 1.5 percent and 9.8 percent, respectively.
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Kia reported that the strike ended in September when the union workers approved a wage deal that increased the base monthly salary by 97,000 won.
In the face of all of this potential hardship, however, Kia is pushing forward and has plans to make up for lost time with a goal of 2.75 million deliveries total for this year.
With new model offerings, such as the forthcoming Kia K900 flagship sedan, we expect to see Kia profits continue to rise.