United States missile system claims another victim: Hyundai Motor

by Linda Olson April 28, 2017, 0:59
United States missile system claims another victim: Hyundai Motor

Kia Motors, an affiliate of Hyundai Motor (005380.KS), said it plans to start production of the factory in Anantapur District in the state of Andhra Pradesh in the second half of 2019.

Construction of the new facility, Kia's first in India and representing around United States dollars 1.1 billion investment, will commence in the final quarter of 2017, the company said in a statement.

Korean small vehicle maker Kia Motors has finally announced it would be entering the Indian auto market, with an investment of $1.1 billion (about Rs 7,000 crore).

Construction of the company's new manufacturing facility in India, it will represent approximately a US$ 1.1 billion investment and will commence in the final quarter of 2017. In fact, a year ago we brought you some exclusive news about Kia's India plans and how it planned to go about its entry.

Kia would adjust its China production to reduce inventories, cut costs and launch new models including a small crossover to minimise the impact of the political row, he said. The South Korean automaker's shares have actually been under pressure just recently due to issues about prolonged weakness in China, its greatest market, as South Korea continues with its strategy to deploy a US anti-missile defense system in spite of China's opposition.

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Kia plans to produce a compact sedan and compact SUV for the Indian market. The Kia factory site will also have several suppliers setting up shop in the vicinity of the plant, though several of Hyundai's suppliers may also supply to the plant. With Kia Motors' entry into India, the Hyundai Group as a whole will naturally eye a larger share of this market.

Kia is the latest automobile manufacturer to bet big on India-Hyundai Motor Co., Ford Motor Co., General Motors Co., Toyota Motor Corp. and Honda Motor Co. all are battling for a bigger share in the fast-growing market.

The Indian auto market is growing at a rapid pace and over 3.3 million new cars were sold in 2016. Forecasts suggest the country will become the third-largest vehicle market globally by the end of 2020.

SAIC, biggest auto maker in China, and France's PSA are also preparing for an India entry. Nintendo said Thursday it has sold 2.74 million Switch machines and 5.46 million units of Switch software since sales began in March.


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