Kia Motors to Invest $1.1 Billion in Its First Indian Factory
The construction of the new factory is planned to begin third quarter of 2017 with a production rollout slated for 2019.
Kia logo. (Photo: Reuters)
Kia Motor Co. is all set to expand its footprints in the Indian market as on Thursday, the South Korean Auto firm of Hyundai Motor Co said that it will invest a whopping $1.1 billion (Rs 7050 crore) to build its first manufacturing unit in India. The construction of the new factory is planned to begin third quarter of 2017 with a production rollout slated for 2019.
In this regard, Kia has also signed a memorandum of understanding (MoU) with Andhra Pradesh Government.
As per reports, the new plant will initially have an annual capacity of 300,000 units.
Also Read: Isuzu to Launch SUV MU-X in India on May 11
Currently, Kia Motor Co is South Koreas second largest carmaker.
Announcing the expansion, Han-Woo Park, president of Kia Motors, said “The new plant will enable us to sell cars in the world’s fifth largest market, while providing greater flexibility for our global business. Worldwide demand for Kia cars is growing and this is our latest step towards becoming a leading global car manufacturer.”
Kia currently produces 3 million cars worldwide and Indian spread over 536 acres will be its 15th manufacturing unit globally.
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