They have signed a memorandum of understanding (MOU) with the Andhra Pradesh state government to build a new manufacturing facility in Anantapur District in the state.
"Through the construction of a factory in India, Kia Motors will pioneer India's auto market, which is under the spotlight as the next growth market".
Korean small vehicle maker Kia Motors has finally announced it would be entering the Indian auto market, with an investment of $1.1 billion (about Rs 7,000 crore). Another 758,000 vehicles were exported a year ago, when shipments grew 16 per cent.
A total of 377,315 vehicles were manufactured domestically, taking up 57.3 percent of all production, while 281,017 cars were made in overseas manufacturing plants including Mexico.
In Andhra Pradesh, Kia Motors along with his associates and vendors, will be setting up a greenfield auto manufacturing facility in Erramanchi in Anantapur district with a total investment of $2 billion.
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Global ratings agency Moody's Investors Service said Thursday it will maintain the current Baa1 rating for Hyundai Motor Co., South Korea's top automaker, despite its weak first-quarter earnings.
Kia, apart from its sister firm Hyundai, will pose significant challenge for market leader Maruti Suzuki. Besides the main factory, the site will house the ancillary parts factories to facilitate smooth operations.
The company plans to produce a compact sedan and compact SUV especially for the Indian market at the new plant.
The Indian vehicle market is growing at a rapid pace and over 3.3 million new cars were sold in 2016. It will enable us to sell cars in the world's fifth largest market, while providing greater flexibility for our global business. The company is counting on an enhanced product lineup, including a new small SUV KONA and a Genesis luxury G70 sedan, to help regain sales momentum and lead to a gradual recovery in earnings. "Based on what happened between China and Japan over a territorial dispute in the past, sales could recover around the end of the second quarter or beginning of the third quarter", said Chang Moon-su, an analyst from Kiwoom Securities.
Sonny Perdue gains confirmation to become nation's ag chief
He also visited Cuba, China and South America as part of several trade missions aimed at growing exports for Peach State farmers. Many farmers are relying on Perdue to revive their businesses as they are suffering a downturn in the market.
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Bucks overwhelm Raptors 104-77, take 2-1 series lead
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