Kia plans $1.5 billion (₹14,167 crore) more at its Anantapur plant, taking capacity to nearly 5 lakh cars a year; announcement expected at the Vizag summit

South Korean carmaker Kia plans to invest $1.5 billion, about ₹14,167 crore, to expand its plant in Anantapur district, The Indian Eye and NewsBytes report. The expansion would lift annual capacity to nearly 5 lakh vehicles and add a production line for new models and different powertrains.

What happens next

• Kia is expected to announce the plan and may sign an MoU at the Visakhapatnam Partnership Summit on November 12–13.
• No job numbers or completion date have been given.
• Three South Korean auto component makers have already signed MoUs with the state.

Kia's targets

Kia aims to launch 10 new models in India by 2030 and sell about 4.1 lakh vehicles a year for a 7.6% market share. Outlook Business reports eight of the new models will be electrified. Kia first committed $1.1 billion to the Anantapur plant in 2017 and entered India with the Seltos in 2019.

ETV Bharat reports that five regional meets before the summit produced 195 MoUs worth ₹85,561 crore.