- Deal valued at close to $150 million USD
- Vehicles to support school transportation system
- Strengthened Kia position in Middle East market
(Seoul) June 5, 2003 - Kia Motors has signed on to export 2,500 commercial vehicle buses to Saudi Arabia in a deal with a total cost value of around $150 million USD. The contract was established between Kia Motors Corporation and Naghi Motors of Saudi Arabia and is meant to support the school transportation system.
Kia was selected to provide 2,500 units of its AM928 commercial bus to Naghi Motors as part of a plan to replace all outdated school buses with more modern vehicles to transport the youths of Saudi Arabia to and from their educational institutions.
The buses will be made available in two stages with the first delivery of around 1,000 buses to be supplied by December this year and the remaining 1,500 buses to be delivered by December of 2004.
Kia Motors COO, Yong-Hwan Kim, commented, "The Middle East in general and Saudi Arabia in particular is a very important market to the future of Kia and this project will pave the way for us to increase our market share in the region in all vehicle segments."
An official from Kia`s Commercial Vehicle Export Team added, "This is a very special project for us and underscores the effort that Kia Motors has been making to successfully market our commercial vehicles abroad. In terms of overall dimensions, exporting 2,500 commercial buses in effect is equivalent to exporting 25,000 passenger cars."
With a seating capacity of 51 passengers and equipped with various special features, Kia`s AM928 commercial bus offers an ideal combination of power, comfort and value that enables it to handle virtually any passenger transportation task.
Founded in 1944, Kia Motors Corporation (www.kia.co.kr) is Korea`s oldest manufacturer of automobiles. A part of the Hyundai Automobile Group, the company currently sells more than one million vehicles per year worldwide and maintains a network of distributors that covers 190 countries. Kia Motors is the major sponsor of the Australian Tennis Open and the international sponsor of the Davis Cup for the Euro/Africa zone.