Kia in joint venture

In a bid to grab a piece of China's fast-growing mid-size vehicle market, South Korean car maker Kia Motors, which is owned by Hyundai Motor, has signed a joint venture deal with two Chinese partners to invest US$790m to build new production plants, aiming to sell 25,000 mid-sized Ceratos this year, according to China Daily, which did not identify the Chinese JV partners. Hyundai aims to increase its car output in China to more than 1 million vehicles and seize 20% of the nation's car market by 2010, Hyundai Motor (China) Investment Co Ltd said last month.