South Korean carmaker Kia Motors Corp to invest $1.1 billion in Andhra Pradesh
Andhra Pradesh will get $1.1 billion investment from South Korean carmaker Kia Motors Corp, company heads extended hands and plans to sign a deal today to invest about $1.1 billion to build its 1st factory in India as officially released and it’s aiming to tap a fast rising market at a time when its China sales are drooping. Kia Motors an associate of Hyundai Motor said it tactics to start manufacture at the factory in District of Anantapur in the state of Andhra Pradesh state in the 2nd half of 2019 year.
Here, the plant which will have a supreme production capacity of 300000 vehicles a year and will harvest a compact sedan and a sport helpfulness vehicle custom-made for the Indian market Kia told in a report as given officially, here it will break minced in the fourth quarter of this year, here message came after Kia and Hyundai Motor Co smarted a March sales slump in China country and their biggest market official to a political logjam and rising competition from local brand products.
As said our new India plant will enable us to sell cars in the world’s 5th main market while provided that better flexibility for our global occupational Kia Motors President Park Han woo said in a report and Reuters stated in February that Kia was close to finalizing AP as the site for its 1st Indian factory with manufacture arranged to start in 2019 year.
Carmaker Kia is predictable to leverage Hyundais source chain network constructed over closely 2 periods to gain a position in the market that is tipped to develop the world’s 3rd largest by 2020 year. Hyundai is the country’s Number 2 automaker by sales as said.