Kia to construct 3rd China plant to meet rising demand
Kia Motors Corp. says it has signed an agreement to build a third plant in China to keep up with rising demand.
Kia Motors Corp. says it has signed an agreement to build a third plant in China to keep up with rising demand.
The plant will be located in Yancheng in Jiangsu Province, and will open in the second half of 2014, the company said in a statement.
The new plant will produce up to 300,000 vehicles a year, boosting Kia's annual Chinese capacity to 730,000 vehicles.
Dongfeng Yueda Kia Motors will begin construction next year. The joint venture includes Kia, Dongfeng Motor Group and Jiangsu Yueda Investment Co.
Vehicle sales in the country will likely accelerate in 2012, with deliveries rising 10 percent from 3 percent to 5 percent growth projected for this year, according to the China Association of Automobile Manufacturers.
Through October, Kia says it has sold 341,682 units in China. The company says it expects to meet its goal to sell 430,000 vehicles in China this year.
