Kia building US$1.1B factory in India

Kia building US$1.1B factory in India

Kia building US$1.1B factory in India

Han-Woo Park, president of Kia, said the investment would enable them to sell cars in the world's fifth largest market, while providing greater flexibility for the global business. The company has signed a memorandum of understanding (MoU) with the government of Andhra Pradesh to build its facility in Anantapur district.

Kia will invest United States dollars 2 billion on this plant which will have a capacity to manufacture 3 lakh cars per annum. "The MoU will be signed in Vijayawada in the presence of AP chief minister N Chandrababu Naidu tomorrow", a highly-placed government official told FE.

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Hyundai is a brand which has been known for its design philosophy and Kia Motors falls under the same bracket. Faced with numerous challenges onwards, Kia Motors plans to sales in upcoming quarters by focusing on emerging markets and marketing new models. Kia's compact sedan will rival the likes of the Honda City and the Maruti Suzuki Ciaz, besides cousin Hyundai Verna. Kia will launch a new plug-in hybrid model of the Niro in an attempt to expand Kia's presence in overseas SUV markets.

Kia is expected to leverage Hyundai's supply chain network, built over almost two decades, to gain a foothold in a market that is tipped to become the world's third largest by 2020.

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"Worldwide demand for Kia cars is growing and this is our latest step towards becoming a leading global auto manufacturer", Park said.

The company's vehicle sales in overseas markets were hit hard as demand in China tumbled 35.6 percent. Ford bet big with new facilities in India two years ago and still has just a 3% market share. The company sold a total of 641,686 units worldwide in the first quarter, down 6.2 percent from the same period past year with sales in China and the US where the company's outdated volume models are sold dropping 35.6 percent and 12.7 percent, respectively. We also brought you some information about its likely product line-up, pricing and model positioning strategy.

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The work on the plant would commence in September and the production of cars would start in the second half of 2019, he said.

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