August 29, 2014 09:54
Kia Motors signed a contract with the Mexican government to build a factory there with an annual production capacity of 300,000 cars.
Kia said on Thursday that it plans to invest US$1 billion starting next month to build the facility near Monterrey, Nuevo Leon, and manufacture compact cars such as the K3 and the Soul from 2016.
Enrique Pena Nieto, President of Mexico, gave a speech at the signing ceremony on Wednesday. Mexico's domestic car market is about 1 million units a year.
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