S.Korea's Kia Motors post 39.6 pct fall in Q1 operating profit

Kia Motors has announced its foray into the Indian vehicle market. The company will invest this money in building a manufacturing facility in Anantapur, Andhra Pradesh. "The manufacturing facility is expected to begin production in the second half of 2019 and produce up to approximately 300,000 units each year", the company said in a statement. KIA Motors sells several models, Sportage, Optima, Cadenza, Soul, globally and has manufacturing facilities in Korea and Mexico.

The plant, Kia's first in India, will come up in Penugonda in Anantapur district and produce three lakh cars a year.

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While comprehensive details about what all models will be introduced in India under the Kia brand haven't been revealed yet, the automaker has announced that the first two products will be a compact sedan and a compact SUV. 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. The worldwide demand for Kia cars is growing and this is its latest step towards becoming a leading global vehicle manufacturer.

Kia Motors, the nation's second-largest automaker, saw its profit tumble in the first quarter, affected by soured consumer sentiment in China as well as a stronger local currency against the USA dollar.

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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.

India continues to be one of the world's most promising markets as an increasing number of families can afford cars as incomes rise.

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Hyundai is a brand which has been known for its design philosophy and Kia Motors falls under the same bracket. "With economies in emerging economics such as Russian Federation and Africa in recovery, the company will tackle those markets with models fit for locals", said a company spokesperson. The company was founded in 1944 and now produces over three million vehicles a year from 14 manufacturing and assembly units in five countries.

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