Kia’s Chinese business makes turnaround as it becomes export base

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Kia’s Chinese business makes turnaround as it becomes export base - Korea Economic Daily

Quick Summary:

The automaker plans to increase the number of export models from China, including the addition of the compact Sonet SUV to the Yancheng plant, and diversify its export destinations.“Our China strategy is clear,” Joo Woo-jeong, executive vice president and Kia’s chief financial officer, said during Kia’s second-quarter earnings conference call with analysts last week.“We’ll keep our domestic sales in China to the minimum while maximizing our exports.”Through this strategy, he said, Kia China aims to turn into a self-reliant operation without a capital increase from its headquarters in Korea.

TURNING POINTA turning point for Kia China’s turnaround came last year when the automaker decided to turn its Yancheng plant into its manufacturing base for exports instead of focusing on domestic sales.

South Korean automaker Kia Corp.'s Chinese business has been struggling for years amid escalating tension between the US and China – Korea’s two largest export markets.