On Tuesday Rolando Zubiran, Secretary of Economic Development for the state of Nuevo Leon, said Kia Motors Corp. is in talks with México to open a new auto assembly plant worth at least $1.5 billion.
He said negotiations on the plant were under way and involves Nuevo Leon, the Mexican federal government and Kia, an affiliate of Hyundai Motor Corp.
The Economic Development Secretary said, “It’s more than $1.5 billion,” referring to the planned investment. He added that Nuevo Leon hoped the deal would be concluded during the first two weeks of August.
The plant, which sources say will have an annual capacity of some 300,000 cars, would be built on the northeastern fringe of the city of Monterrey, according to several people familiar with the matter who spoke on condition of anonymity.
Sources in South Korea previously told Reuters that the plant will initially begin producing two small cars. The plant could help meet rising demand in the United States where Kia operates just one plant.
(from Automotive News)
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