Kia Motors is planning to develop a new plant in Mexico, Bloomberg News reports.
The automaker will invest more than $1 billion in the factory and attract another $1.5 billion from Kia suppliers in Mexico, the publication reports, citing Mexican President Enrique Pena Nieto.
According to Kia Vice Chairman Lee Hyoung-Keun, the plant will produce 300,000 vehicles a year.
It is expected that the new factory will be completed in the first half of 2016.
Source: Bloomberg News via The Detroit News
Photo Source: Kia
