Kia to invest $1.1 billion to build its first India factory

Kia to invest $1.1 billion to build its first India factory

It 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 auto manufacturer. Today is the day, when Kia confirmed that they are entering India, with their plant to be located in the state of Andhra Pradesh.

Kia Motors has announced its foray into the Indian vehicle market. Construction of the new factory will begin in the third quarter of 2017 with a production rollout slated for 2019. Nearly four million cars were sold there a year ago and PriceWaterhouseCoopers predicts that will rise to almost seven million by 2022.

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. The compact sedan segment has witnessed a decline in sales-automakers such as Maruti Suzuki India Ltd and Hyundai Motor India Ltd are set to introduce new models to reinvigorate sales. The site will also be home to various supplier companies' facilities. The automaker plans to launch two new cars that were unveiled at the Shanghai Auto Show, the K2 Cross and Pegas compact sedan, in June and August, respectively, to recoup sales in the world's largest auto market.

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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.

India is the fastest growing major new auto market and the fifth largest in the world, with more than 3.3 million new cars 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. Nintendo said Thursday it has sold 2.74 million Switch machines and 5.46 million units of Switch software since sales began in March. It has been eyeing an India market entry for a few years now.

"This is an exciting and mutually-beneficial project and a next major step in Kia's global expansion plans", Park said on the occasion.

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