Automobile manufacturers from all over the world are learning that there is tremendous potential in Indian market. More and more manufacturers want to play in and dominate in this fast growing and evolving market. Existing manufacturers are also introducing new models to entice customers.
Now South Korean automobile giant KIA Motors is contemplating on setting up its facility in India. KIA is currently owned by Hyundai Motor Company of South Korea. The automobile company was founded in June, 1944.
Park Han-woo, CEO, KIA Motors has expressed their desire of setting up shop in the fastest growing automobile market. They have recently commenced operations in China and Russia, however, they are not doing as expected and are looking at India for a brighter future.
If KIA Motors plan on introducing its products in India they will have to follow the ‘Make In India' philosophy. They could import their products, however, this would involve high taxation and the manufacturer would lose in its goal to achieve maximum number of sales.
Industry experts believe that India will be the biggest destination for automobile manufacturers in the coming years. Maruti Suzuki has the most number of facilities in India behind them is Hyundai with two facilities spread across India.
KIA Motors has no confirmed when they plan to come to India and only sight the importance. It is unclear if they would share Hyundai's existing facility to build vehicles or setup their own facility. There is no news about which segment they would target in India as well. We will shed more light on this topic as and when more details emerge.