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Kia venture to develop own cars in China
Just Auto, 10 Mar '11
Kia's joint venture in China, Dongfeng Yueda Kia Motors, is investing about US$ 150 million in an R&D centre so that it can develop its own brand of cars. Construction of the centre is due to start 2011 and will finish by 2015, Shao Yong, vice chairman of the venture's parent company Jiangsu Yueda Group, told reporters. Overall sales in China surged 32% in 2010 to a record 18 million vehicles making it the world's largest market for the second successive year. Kia has said that it wants to boost sales in the country 29% in 2011 to 430,000 units.
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