Kia Motors, AP govt to sign MoU for $2-bn facility

Apr 28, 2017, 00:57
Kia Motors, AP govt to sign MoU for $2-bn facility

The world's fifth-biggest automaker together with affiliate Kia Motors reported on Wednesday a first-quarter net profit of 1.33 trillion won (S$1.64 billion).

Park had led Hyundai Motor's India operations in 2010-2012. Apart from providing cars to the Indian market, Kia will also be exporting the made in India cars.

Seoul-based Kia Motors Corporation will be signing a memorandum of understanding (MoU) with the Andhra Pradesh government on Thursday for setting up a greenfield manufacturing facility in Anantapur district.

Construction is slated to begin in the second half of this year and be completed by 2019, the company said. "Worldwide demand for Kia cars is growing and this is our latest step towards becoming a leading global vehicle manufacturer", Han-Woo Park, president of Kia Motors, said in the statement. Faced with numerous challenges onwards, Kia Motors plans to sales in upcoming quarters by focusing on emerging markets and marketing new models.

Kia is the latest automobile manufacturer to bet big on India-Hyundai Motor Co., Ford Motor Co., General Motors Co., Toyota Motor Corp. and Honda Motor Co. all are battling for a bigger share in the fast-growing market. Kia is also stressing on differentiating itself from its owner company - Hyundai, in the Indian market. Hyundai's sister brand will start making cars in India in 2019.

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.

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China's economic retaliation against South Korea for THAAD has seen profits plummet at Hyundai Motor.

India is the fastest growing major new vehicle market and the fifth largest in the world, with more than 3.3 million new cars sold in 2016.

The company's vehicle sales in overseas markets were hit hard as demand in China tumbled 35.6 percent.

Kia's range of vehicles includes compact crossover Sportage, urban crossover Soul, compact auto Rio and mid-sized and luxury sedans under the brand names Optima, Cadenza and K900.

"It depends if Kia would look to differentiate its product (sedan) from the taxi segment".

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