Kia unveils survival strategy

Kia unveils survival strategy

SEOUL (AFP): South Korea's insolvent Kia Motors Corp. yesterday unveiled an aggressive survival strategy for 1998 to increase total sales from 6.36 trillion won (US$3.53 billion) last year to 7.3 trillion won this year.

The strategy, called "Turn Around 365," also called for a 32.7 percent increase in exports.

"Exports is the only way for us to survive," a Kia spokesman told AFP.

"The won's fall has improved our market situation abroad. So, we have adopted an aggressive marketing plan," he said.

Kia, which has been surviving on court receivership applications and emergency loans since July last year, posted a 10.7 percent drop in sales last year, which stood at 697,384 units including 342,945 overseas.

"This year we hope to sell 800,000 automobiles altogether, including 450, 000 units overseas, with our business focused on strengthening our overseas sales network," the spokesman said.