Hyundai Motor Company's Q1 net profit plummets by about 20 percent ue to drop in sales in China
28 April, 2017, 02:02
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's global production capacity now stands at over 3 million units while Hyundai's is around 5 million vehicles annually. They have already signed a MoU with Andhra Pradesh Government.
The Kia Sportage is a popular crossover model in the global market.
During the first three months of this year, the auto manufacturer sold a total of 658,332 vehicles, a 6.5 percent fall compared to the same period a year earlier when the company sold 704,458 units. Kia will be competing with Maruti Suzuki, parent Hyundai, Honda, Mahindra & Mahindra and Tata Motors.
South Korea's biggest carmaker by sales, on Wednesday posted a 21 percent drop in first-quarter net profit due to weak sales in China and emerging markets. Kia will also export cars from this facility, akin to Hyundai India's business plan.
The company plans to produce a "strategic" compact sedan and a compact SUV, especially for the Indian market, at the new plant. Kia will be investing US$1.1 billion in the construction of the said manufacturing base, which will be spread over an area of 536 acres.
Kia did not mention how many jobs would be generated. "Hyundai's Chennai plant is 390 km from our site".
With a heavy reliance on sedans and a poor brand image in the world's largest auto market, Hyundai has struggled to compete with local Chinese brands that are armed with affordable SUVs. Sales of utility vehicles grew 30% to 7.61 lakh units.
Kia is expected to leverage Hyundai's supply chain network, built over almost two decades, to gain a foothold in a market that is tipped to become the world's third largest by 2020. "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.
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