At a time when a number of global car makers are searching for ways to enter the rapidly growing Indian market, Kia Motors has shelved its plans to start operations in India.
According to a statement given by a senior official of the company, the company will continue to concentrate on developed markets like Europe, US and China where it has local production facilities.
"Our hands are full right now. Currently we are not looking at India but concentrating on other overseas markets where we aim to produce over 1 million cars this year. We will, however, continue to monitor the Indian market as it holds sizeable potential and may be on our future radar," said company spokesman Michael J Choo.
Kia had been vying for the Indian market for the past decade, particularly after the success of Hyundai Motor which is now the second largest car company in the country in terms of unit sales. Kia had earlier roped in consultancy company Synovate to conduct a feasibility study for the Indian market. However, despite a positive report due to a line-up mainly consisting of small cars that would appeal to Indian buyers, Kia has decided not to enter the local market.
[Source: The Economic Times]
Tuesday, March 8, 2011
Kia Shelves Plans to Enter Indian Market
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