Everyone wants to be a part of the Indian growth story. While developed markets have stagnated, developing markets like India and China is where everyone seems to be training their guns at. As a result, Kia Motors, South Korea’s second largest car maker, is mulling an entry in the Indian market. Expected to be the third largest car market in the world by next year, Kia currently has no presence in India. Although Hyundai, which has a 33.88% stake in the company, is already a popular brand and the second largest car maker in the country. Talking to a South Korean newspaper, Kia CEO, Park Han-Woo said, ” While growth in Russia or China is stagnating, India is where Kia will ultimately make a leap forward.”
Kia Motors Corporation (KMC) was founded in 1944, is South Korea’s oldest manufacturer of motor vehicles and is now a subsidiary of the Hyundai-Kia Automotive Group. Over 1.5 million vehicles a year are produced in 13 manufacturing and assembly operations in eight countries which are then sold and serviced through a network of distributors and dealers covering 172 countries. Kia today has 33,255 full-time employees worldwide and annual revenues of over US$14.6 billion.
Source: ET