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Kia Motors says to invest $1.1 billion to build first Indian factory
28 April 2017, 01:00 | Harold Aguilar
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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.
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