Kia Motors announces $1 billion investment in India

Otis Hoffman
April 28, 2017

Construction of the new factory will commence in the final quarter of this calendar year and is expected to begin production in the second half of 2019, the Seoul-headquartered company said.

Kia Motors Co. says it will invest $1.1 billion in India to build its first plant in the world's fifth-largest auto market. General Motors previous year said it has put its $1 billion investment plan in India on hold as it reshuffles its product plan to better meet changing consumer tastes and jump-start its sluggish performance in the fast growing market. In an official statement released, the automaker has revealed that it is aiming to set up a manufacturing facility in Andhra Pradesh, while mass production of its cars in India is expected to commence from 2019.

Kia will invest United States dollars 2 billion on this plant which will have a capacity to manufacture 3 lakh cars per annum.

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Kia said it will focus on marketing its new auto KX7 SUV, China-only midsized SUV based on the third generation Kia Sorento, that was unveiled in March.

The site will also be home to numerous supplier companies' facilities, Kia said.

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Kia, which operates in over 160 countries and territories worldwide, said it plans to develop a new compact sedan and SUV specifically for the Indian market. Forecasts suggest the country will become the third-largest auto market globally by the end of 2020. "We are also putting on hold future investment in our all-new vehicle family in India until we firm up our product portfolio plan".

Hyundai Motor, the maker of Tucson sports utility vehicles and Sonata sedans, said it sold 206,000 cars in China during the first three months, down 14 percent from a year earlier. Hyundai's sales there have dropped nearly by half since last month, when China stepped up its restrictions on Korean products.

Hyundai, along with its smaller affiliate Kia Motors, is the world's fifth-largest automaker. It has been eyeing an India market entry for a few years now.

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