Kia Motors of South Korea plans a US$600m car plant at an undisclosed mainland location, reported Reuters. The factory should be producing 400,000 vehicles a year by 2005.
Kia Motors, an affiliate of Hyundai Motors, will invest a share of the capital through its existing joint venture with Dongfeng Motors and Jiangsu Yueda Investment Co. The joint venture based in Yancheng, Jiangsu province, plans to make 50,000 cars this year and 100,000 next year.