Kia Motors, the South Korean automotive company, on Thursday announced its plans to invest about $2 billion in the greenfield plant coming up in Anantapur district of Andhra Pradesh.
Kia Motors is investing over $2 billion to set up a new manufacturing facility at Yerramanchi village at Penugonda mandal of Anantapur districtin in Andhra Pradesh as the South Korea's giant automobile manufacturer is all set to roll out its first "Made in India" auto by mid-2019 from Andhra Pradesh.
South Korean vehicle manufacturer Kia Motors is investing around $1 billion to set up a.
It was in April 2017, that Kia Motors entered into an MoU with the Government of Andhra Pradesh to build a state-of-the-art facility which will see the first vehicle roll out of the assembly line in the second half of 2019.
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Kaetlyn Osmond of Canada is now third, but Japan's Satoko Miyahara and Kaori Sakamoto are within striking distance. Medvedeva entered as the presumed favorite in this competition after winning the last three world championships.
The automaker, which is hoping the applause its SP concept cars won at the recent Auto-Expo in New Delhi will translate into good business, is ahead of its schedule by a month.
Kia Motors India will soon start recruiting the 3000 employees needed to operate the plant. The company is now in discussions with the Andhra Pradesh government to start a joint training programme to develop the necessary manufacturing skills among local residents. "Along with social and economic development, we plan to invest about $2 billion by 2021, creating over 10,000 jobs for manufacturing different brands, " Park said.
Mr. Naidu, speaking after lighting the lamp, appealed to the CEO & President of the KIA motors, Han-Woo Park, who was next to him, to go beyond the initial investment and aim at manufacturing 4 lakh cars as the State presents, beside ease of doing business, a burgeoning demand for cars.
The manufacturing facility is expected to begin production in the second half of 2019 and produce approximately 300,000 units a year.