SEOUL, South Korea (AP) — Kia Motors Corp. will probably return to profitability in 2008, helped by new vehicles and updated models, the company's CEO said Thursday.
''This year, Kia Motors will likely post profits,'' Chief Executive and President Chung Eui-sun told reporters at the launch of the automaker's Mohave SUV.
Including the Mohave, Kia Motors — which is building a plant in West Point, Ga. — is introducing three new vehicles this year. It is also upgrading two existing models.
For the January-September period last year, Kia posted a net loss of $25.6 million, compared to a net profit of about $42 million during the same period in 2006.
Kia aims to sell 48,000 Mohaves in 2008 — 18,000 at home and 30,000 overseas — the automaker said in a statement.
The South Korean automaker also said its plans to increase sales of the sport utility vehicle to 80,000 in 2009, targeting sales of 20,000 in South Korea and 60,000 overseas.
Kia said it has invested $245 million to develop the large-size premium SUV over the past 29 months.
The Mohave, equipped with a 3-liter engine and a 6-speed automatic transmission, has a price tag in South Korea of between $35,000 and $47,000.
South Korea's Hyundai Motor Co. owns 38.6 percent of Kia.
