- Kia introduces top-of-the-line GLS and TOP models
- Kia expects to capture 19% of the Chinese MPV market by 2005
(SEOUL) July 13, 2004 - Kia Motors announced today that it has officially commenced nationwide sales of its popular Carnival MPV in the Chinese market following its unveiling at the Beijing Motor Show last month. The vehicles are being produced on a knock-down basis at Kia’s plant in Yancheng City, Jiangsu Province.
Kia has initially introduced the top-of-the-line GLS and TOP models to the Chinese market, with plans to add the entry-level GL model at a later time. The company expects to sell 12,000 units during the current year, capturing 10% of the domestic MPV market, and has its sights set on sales of 30,000 units the following year, or 19% of an MPV market that is forecasted to grow to 160,000 units in 2005.
China’s rapidly expanding market for RVs is expected to reach 290,000 units in sales in 2004, almost triple the 100,000 vehicles sold just two years ago.
The introduction of the Carnival comes on the heels of the huge success of the TianLiMa compact sedan. With this new arrival, Kia aims to sell 80,000 cars in China during 2004, marking a 57% increase from last year.
Kia first began operations in China in 1996, selling the Pride sub-compact. In 2002, Kia entered into a joint partnership with the Dongfeng Automotive Group, one of China’s leading automotive companies, and subsequently established Dongfeng Yueda Kia Motors Co., Ltd. in March of 2002.
Founded in 1944 and now celebrating its 60th anniversary, Kia Motors Corporation (www.kiamotors.com) is Korea’s oldest manufacturer of automobiles. As part of the Hyundai-Kia Automotive Group, Kia is among the world’s fastest growing automobile companies and aims to be a top five global automaker by 2010. Kia’s 15 manufacturing and assembly operations in 12 countries make more than a million vehicles a year that are sold and serviced through a network of distributors and dealers covering 190 countries. Kia today has 30,000 employees and annual revenues of $12 billion. It is the major sponsor of the Australian Tennis Open and an international sponsor of the Davis Cup.