South Korean automobile manufacturer Kia Motors announced an additional investment of $54 million in Andhra Pradesh for expanding its manufacturing facility at Anantapur.
Kookhyun Shim, MD and CEO of Kia Motors India made the announcement during the Andhra Pradesh government’s local programme under the banner ‘Mana Palana Mee Suchana’ on industries and investments in the state in the past one year. “We are happy to share that we are going to make an additional investment of $54 million for the upcoming project despite the Covid-19 pandemic. As we prosper, we will invest more and create more business opportunities in AP,” he said. The company has given local employment to an extent of 85%.
As part of its long-term commitment, Kia Motors India, the wholly-owned subsidiary of Kia Motors Corporation and world’s 8th largest automaker, had made an investment of $1.1 billion in the manufacturing plant at Anantapur. The facility in Anantapur is spread across 536 acres and has an annual capacity of three lakh vehicles. The plant can produce hybrid and electric vehicles.”From a foreign investor’s point of view, AP has strong advantages to develop as an industrial hub, including human resources and accountable government officials,” he said, adding that availability of airports and seaports add to the advantage. Kia Motors India’s priorities are to clear pending orders for the best-selling Seltos and luxurious Carnival and also to prepare the line for the eagerly anticipated compact SUV, Sonet.
“Our stakeholders, including suppliers and logistics partners, are all in-line with the current production and have assured us support in case we have to increase production volumes over the coming days,” Kookhyun Shim had earlier said.
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