Kia Motors` India plant in August |
South Korea`s Kia Motors is expected to pick a site next month for its first factory in India, stepping up plans to start making cars in one of the world`s fast-growing auto markets. The move would enable Kia to leverage the existing supplier base of its affiliate Hyundai, India`s second-biggest automaker by sales.The proposed factory would start production in 2019 and eventually have capacity to make 300,000 Kia vehicles a year. India is likely to become the world`s third-largest car market by 2020, according to IHS, up from fifth place now, with annual sales nearly doubling to about 5 million vehicles from 2.7 million in 2015. Kia is best known as a maker of relatively inexpensive cars, like the Rio sub-compact.Three sites are under consideration for the plant, and Kia may announce the plan in September after deciding on a location in August.The people spoke on condition of anonymity because the project was confidential.
|
|
|
|