Kia Motors launches third plant in China
Kia Motors' Chinese subsidiary Dongfeng Yueda Kia Automobile Company broke ground for a new plant in east China's Jiangsu province on Friday.
Located in Yancheng city, the plant is expected to produce 200,000 cars annually when its first phase is completed in the first half of 2014. The facility will produce 300,000 annually in 2015.
Its establishment takes Kia, the Republic of Korea's second-largest automaker, to three plants in Yancheng, with a total annual production of 730,000 cars.
With a planned investment budget of 814 million U.S. dollars, the new plant will also produce 200,000 engines annually.
Kia sold 433,000 cars in China in 2011, making up 3.6 percent of the country's auto market.
The Dongfeng Yueda Kia Automobile Company is a joint venture between Chinese auto giant the Dongfeng Motor Corporation, Kia Motors and Jiangsu Yueda Group Co. Ltd.
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