[THE INVESTOR] Kia Motors
on Oct. 13 said the automaker has not yet decided on the final location of its planned auto plant in India, denying a news report claiming New Delhi is the designated site for the new facility.
“We are still looking at possible sites in India,” a spokesperson from Kia Motors said. “A final decision has not been made.”
Hyundai Motor Group Chairman Chung Mong-koo visits Hyundai Motor’s India plant in Chennai, India. Hyundai Motor Group
The remark comes after a local news outlet reported that South Korea’s second largest automaker has decided on New Delhi for its first facility in India, which would roll out 300,000 cars annually.
The company has been seeking to make inroads in India to tap into one of the fast-growing auto markets in the world. Market watchers expect India’s passenger vehicle market to break into double digits this year, outpacing China’s growth soon.
Kia President Park Han-woo, who formerly headed its larger affiliate Hyundai Motors’ Indian unit, in August reaffirmed the company’s plan to enter India, saying going to the country is the right path.
In the past, there was a report that the plant will be built in Andhra Pradesh state, some 80 kilometers from Hyundai Motor’s two plants in Chennai, the capital city of Tamil Nadu. But the automaker denied the report.
If the Indian plant is confirmed, it would be Kia’s fifth overseas plant after the US, China, Slovakia and Mexico.
By Ahn Sung-mi (firstname.lastname@example.org)