June 23, 2017

Hyundai Motor Q1 net plunges 21% on weak China sales

28 April 2017, 01:05 | Muriel Sparks

Speaking about the brand-new plant, Han-Woo Park, president, Kia Motors, said that the new facility will not only provide greater flexibility for Kia's global business but also help sell cars in India, now the fifth largest market in the world. Kia Motors will subsequently also produce other models, which includes its global high-volume hatchbacks - the Picanto and Rio.

Korean auto-maker Kia Motors in a press release has confirmed that the company has signed a memorandum of understanding (MOU) with the State Government of Andhra Pradesh, India to build a new manufacturing facility in Anantapur District.

Forecasts suggest that the country will become the third- largest auto market by the end of 2020.

In a major boost to automotive manufacturing in India, Korean company Kia Motors has made a decision to set up base in Andhra Pradesh with an investment of $1.1 billion.

"Worldwide demand for Kia cars is growing and this is our latest step towards becoming a leading global vehicle manufacturer", Park said.

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SAIC, biggest vehicle maker in China, and France's PSA are also preparing for an India entry. "Based on what happened between China and Japan over a territorial dispute in the past, sales could recover around the end of the second quarter or beginning of the third quarter", said Chang Moon-su, an analyst from Kiwoom Securities.

It will break ground in the fourth quarter of this year. Ford bet big with new facilities in India two years ago and still has just a 3% market share. We also brought you some information about its likely product line-up, pricing and model positioning strategy. The site will also be home to a number of supplier companies' facilities. "It is the result of the anti-Korean sentiment that flared up within China since late February and some rivals that launched marketing to exploit the anti-Korean sentiment", said Koo Zayong, a vice president at Hyundai Motor.

Kia Motors' new factory will be spread over 536 acres (2.16 sq. kms) and will have a manufacturing operation that incorporates stamping, welding, painting and final assembly facilities.

Globally, Hyundai shares parts and vehicle underpinnings with Kia, which it acquired in 1998.

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