Kia Motors executive says to announce India car factory soon | Reuters

SEOUL South Korean carmaker Kia Motors Corp will announce a plan for its first factory in India "soon", vice chairman Lee Hyong-keun told reporters on Wednesday.The comment, made on the sidelines of the Shanghai auto show, came after Kia and affiliate Hyundai Motor Co suffered a March sales slump in China, their biggest market, attributed to a political standoff and rising competition from local brands.

Kia said in a regulatory filing on Wednesday that the investment size for its India plant has not been decided.

India's Economic Times newspaper reported on Monday that the envisioned factory involves two phases with combined investment of $1.6 billion, in one of the biggest foreign direct investment projects in India.

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. (Reporting by Hyunjoo Jin; Editing by Christopher Cushing)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Apr 19, 2017 21:59 PM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See