teknolojiarsivi.com May 26, 2018

Kia Motors says to invest $1.1 billion to build first Indian factory

28 April 2017, 01:00 | Harold Aguilar

Hyundai Motor Company's Q1 net profit plummets by about 20 percent ue to drop in sales in China

Hyundai Motor Q1 profit slides as China political row, US recall drag

Kia Motors claims that the construction of its first manufacturing facility leads to an approximate investment of US$1.1 billion investment, and will commence in the final quarter of 2017.

Kia plans to commence local sales of cars produced at the new facility towards the end of 2019, once mass production begins in Anantapur. 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.

Kia is the second big ticket investment in AP in the last three years in the automobile manufacturing sector after the Hero Motors plant in Chittoor district.

Reuters reported in February that Kia was close to finalising Andhra Pradesh as the site for its first Indian factory, with production scheduled to start in 2019.

Share with Us - We'd love to hear eyewitness accounts, the history behind an article, and smart, constructive criticism. Strong demand for its new Grandeur sedan and Genesis G80 at home also contributed to earnings. "This is our latest step towards becoming a leading global vehicle manufacturer". But it is said that Andhra Pradesh government has offered them better incentives and facilities to bring it here.

According to the Korean vehicle market, India presents an opportunity for further sustained growth in the fifth largest new auto market in the world.

Kia is expected to leverage Hyundai's supply chain network built around its factories in the neighbouring state of Tamil Nadu to gain a foothold in the Indian market, tipped to become the world's third-largest by 2020.

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.

SAIC, biggest vehicle maker in China, and France's PSA are also preparing for an India entry. Once functioning at full capacity, the new Kia India plant will be able to produce 3 lakh cars annually. Kia Motors will subsequently also produce other models, which includes its global high-volume hatchbacks - the Picanto and Rio.

Other News

Trending Now

French presidential candidate targeted by hackers
The campaign has previously made allegations that Russian Federation was launching hacking campaigns against Macron staff. Hackers with alleged ties to Russian Federation also leaked emails from the Democratic National Committee servers.

California Judge Puts Hold On Trump's Controversial "Sanctuary Cities" Order
Among his many problems, our President doesn't know difference b/w "the Ninth Circuit" and a U.S. The administration then revised the order, but the new version also is stalled in court.

Homers by Mancini, Schoop carry Orioles past Red Sox 4-2
Rather than thank Barnes for having his back by throwing at Machado, Pedroia immediately got Machado's attention from the dugout. OF Joey Rickard (sprained finger) took soft-toss swings in a session manager Buck Showalter called "very encouraging".

Saudi king names son as US envoy as ties boosted with Trump
Meanwhile, Saudi Minister of State for Civil Service Khaled Al Araj was removed from his post and set to be investigated. But ties between Riyadh and Washington became increasingly frayed during the administration of president Barack Obama.

Honeywell Posts Strong Q1 Results
Oregon Public Employees Retirement Fund raised its stake in Honeywell International by 32.7% in the third quarter. TX's holdings in Honeywell International were worth $21,107,000 at the end of the most recent reporting period.

Federal judge temporarily blocks Arkansas from executing eight men in ten days
The packed execution schedule and rush to appeal is due to the state's supply of midazolam being on the brink of expiration. Governor Asa Hutchinson has said the state must act quickly because its midazolam supply expires at the end of the month.

The Death Toll in Venezuela's Anti-Government Protests Has Risen to 26
No country has ever withdrawn from the OAS since it was created in 1948 and it's not clear how complicated the process would be. Demonstrators in least a dozen other cities also staged sit-ins as the protest movement is entering its fourth week.

Pence embraces US-Australia partnership after Trump spat
In exchange, Australia would take asylum seekers in the United States from El Salvador Guatemala and Honduras. Pence's advisers say the differences with Trump amount to style over substance.

Enrique Describes Messi As Best In Football History
Ramos received an El Clasico red card for the second successive season 13 minutes from time after leaving the ground recklessly. It was no different against Real Madrid , who sought to interrupt play every time the Barcelona forward got on the ball.

Wildfire threatens 2000 homes in southwest Florida
One left structural damage behind while the second was brought under control before it could do much harm, officials said . Crews continue to battle a 5,500-acre brush fire near Everglades Boulevard and 30th Ave SE on Saturday.