Kia Motors executive says to announce India car factory ‘soon’


South Korean carmaker Kia Motors Corp will declare a plan for its first factory in India “soon”, vice chairman Lee Hyong-keun told media on Wednesday.

The remark, made on the sidelines of the Shanghai car expo, came after Kia and member Hyundai Motor Co endured a March deals droop in China, their greatest market, credited to a political standoff and rising rivalry from nearby brands.

The investment estimate for its India plant has not been chosen Kia said in an regulatory filing on Wednesday.

Leading newspaper provided details regarding Monday that the imagined factory includes two stages with joined speculation of $1.6 billion, in one of the greatest foreign direct investment venture extends in India.

Reuters announced in February that Kia was near concluding Andhra Pradesh as the site for its first Indian factory, with creation planned to begin in 2019.