Kia & Yueda to form a new joint venture in China to sell EV


Recently, we learned from officials that South Korea’s Kia Corporation signed an investment expansion agreement with the Yancheng Municipal People’s Government and Jiangsu Yueda Group. In the future, Kia and Jiangsu Yueda Group will further increase investment cooperation.

It is reported that the new joint venture company plans to increase its capital by 900 million US dollars and rapidly increase vehicle sales and capacity utilization by expanding investment, introducing new models, developing new energy vehicles, and establishing export bases. According to the plan, the new company name will be released in April this year.

The Yancheng government will fully support Kia’s expansion of sales in the Chinese market, and provide support for the export trade of Kia’s Yancheng plant to help Kia’s development in China. Since Kia entered China in 2002, it has sold nearly 6 million complete vehicles, and at the same time, it has effectively driven the development of the local auto parts industry.

At the same time, Kia also officially announced that from 2022 to 2027, it will introduce a pure electric model to the Chinese market every year to lay out its lineup in the new energy field. According to the previous plan, Kia will also introduce and make domestic models such as the new KX5, the new K3 and the new KX3 (Seltos) in 2022.