Kia to build new Jiangsu plant

Kia Motors announced that it signed a deal with Jiangsu province officials to build a US$645 million automobile factory. The factory, which will be South Korea-based Kia's second on the mainland, is planned to have an annual production capacity of 300,000 units after its completion in 2006. It will be located in Yancheng, Jiangsu province alongside Kia's existing facility.