Kia Motors signs MoU with AP govt for auto manufacturing unit

Kia Motors signs MoU with AP govt for auto manufacturing unit

It expects to start production in the second half of 2019 with a capacity to build 300,000 vehicles a year.

"Construction of the new manufacturing facility, Kia Motors' first in India and representing approximately a US$1.1 billion investment, will commence in the final quarter of 2017".

Hyundai Motor was also hit by massive recalls it estimated to cost around 200 billion won ($178 million) during the first quarter. In an official statement released, the automaker has revealed that it is aiming to set up a manufacturing facility in Andhra Pradesh, while mass production of its cars in India is expected to commence from 2019. In fact, previous year we brought you some exclusive news about Kia's India plans and how it planned to go about its entry.

Kia's global production capacity now stands at over 3 million units while Hyundai's is around 5 million vehicles annually.

"This is a significant step in my effort to turn Andhra Pradesh into an automobile manufacturing hub", the chief minister said. The recent recall of its Theta 2 engine equipped cars at home and in the USA was largely to blame for the plunge in its operating income as the company had to set aside about 100 billion won provisions to cover it.

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Kia plans to produce a compact sedan and a compact SUV especially for the Indian market at the new plant, which will include facilities for stamping, welding, painting and assembly.

The Indian vehicle market is growing at a rapid pace and over 3.3 million new cars were sold in 2016.

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.

Kia Motors has signed a MoU with the State Government of Andhra Pradesh, and under this agreement, the South Korean automaker will invest US$ 1.1 billion (INR 7,000 crore) in the country.

Hyundai saw its China retail sales slump 14 per cent in the first quarter, dented by anti-Korea sentiment in the wake of Seoul's decision to deploy a U.S. anti-missile system which has angered China. The country is expected to emerge as the third biggest market in the world by 2020, with annual volume of five million units.

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