Kia Plans 400 Crore Investment; Sonet and Compact MPV in Making
Kia Motors is planning to invest around Rs 410 crore in Anantapur facility to increase capacity to 4.5 lakh units per annum
Korean automaker, Kia has been receiving an excellent response from car buyers in India. The company is set to achieve 1 lakh sales milestone in less than 1 year. Both Seltos and Carnival have been doing great numbers for Kia Motors.
In order to further expand its business, Kia Motors is considering a massive investment of USD 54 million (nearly INR 409 crore) in its Anantapur factory in Andhra Pradesh. The production facility has a production capacity of 3 lakh units per annum. With new investment, Kia hopes to significantly boost the production capacity. The new investment will help Kia to add up to 1.5 lakh units to the existing capacity of 3 lakh which means the facility will be able to produce around 4.5 lakh units per annum.
The company is all set to introduce the much-awaited Sonet compact SUV during festive season, before Diwali 2020. The company is aiming to sell over 70,000 units of the Sonet SUV in the first full year. Kia also believes that the numbers could go even higher. It will be the brand’s global model and the Kia’s Anantapur based plant in Andhra Pradesh will serve as the world production hub for the Sonet compact SUV.
Adding to it, Kia is reportedly working on an all-new compact MPV for the Indian market. The new MPV will be based on the Seltos platform, which also underpins the new Hyundai Creta. In fact, Hyundai is also developing an all-new 7-seater compact MPV that has been spotted testing recently in South Korea. The new MPV will directly rival the Maruti Suzuki Ertiga. Also See – What’s common between Kia Sonet and Hyundai Venue
Kia is also exploring launching multiple SUVs in the Indian market. The company is also evaluating the new Sorento and the Soul petrol for the domestic market. Adding to it, the Korean brand could introduce its multiple products in our market as CKD or CBU models.
Video – Kia Sonet Preview
