KIA Motors bets big on SUVs, five models in three-years
Korean auto-maker KIA Motors is betting big on its maiden India launch with a mid-sized SUV and plans to introduce five models within three years beginning 2019. KIA Motors, the second-largest automaker in Korea after Hyundai with a 30% market share, would launch the SUV (Sports Utility Vehicle) in the second half of 2019 produced at its upcoming facility at Andhra Pradesh.
KIA Motors launching SUV as it is in demand
"The demand is now towards the SUV segment. We are launching our first car in the Indian market which would be a mid-sized SUV," Manohar Bhat, Head (Sales and Marketing), KIA Motors India, said today. Unlike Maruti and Hyundai, which tasted success in India by launching small-cars initially, Bhat said that KIA will launch the SUV because the market is leaning towards that segment.
KIA Motors India plant set up with $1.1bn investment
Executive director of KIA Motors India, Yong S Kim, said that India was the final-step in the global footprint of KIA Motors. "In India, we want to be among the top-five automakers within three years of launch in 2019," he said. He said that the Indian plant was being set up at an investment of $1.1bn and would give employment to 3,000 people.
The India plant will have a capacity of 3L cars
The KIA Motors India plant would have an annual capacity of three lakh cars, Kim added. The plant was being built on 600 acres and would be fully operational by the second half of 2019, he said.
