Tags: Mexico | cars | factory | Kia

Kia Motors Said to Announce New Auto Plant in Mexico

Tuesday, 26 Aug 2014 04:46 PM

Kia Motors Corp. plans to build its first assembly plant in Mexico, said two people with direct knowledge of the matter, as the South Korean automaker follows European and Asian rivals in adding regional production.

President Enrique Pena Nieto will announce the project tomorrow, said the people, who asked not to be identified because the details aren’t public. The investment probably will exceed the 1 billion euros ($1.3 billion) for a Daimler AG-Nissan Motor Co. factory unveiled in June, one person said.

The facility will be located near Monterrey in Pesqueria in Nuevo Leon state, the other person said. The plant would be the first of its kind in that state, according to the Mexican Automobile Industry Association, known as AMIA.

The nation’s output is poised to surpass 3 million vehicles this year for the first time, according to AMIA forecasts, buoyed by factory openings since November for Nissan, Honda Motor Co. and Mazda Motor Corp.

Scott McKee, director of corporate communications for Kia Motors America, declined to comment, as did the press office of Mexico’s Economy Ministry. The ministry said in a statement today that Pena Nieto would announce a new automobile investment tomorrow.

Bayerische Motoren Werke AG said last month that it would spend $1 billion on a new Mexican factory.

Kia, based in Seoul, is partly owned by Hyundai Motor Co. Economy Minister Ildefonso Guajardo said last year that Hyundai was among automakers considering building a Mexico plant.

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
TheAmericas
Kia Motors Corp. plans to build its first assembly plant in Mexico, said two people with direct knowledge of the matter, as the South Korean automaker follows European and Asian rivals in adding regional production.President Enrique Pena Nieto will announce the project...
Mexico, cars, factory, Kia
241
2014-46-26
Tuesday, 26 Aug 2014 04:46 PM
Newsmax Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved