Kia to build 986 million yuan R&D center in China
Kia Motors Corp.'s China venture will invest $150 million (986 million yuan) on an R&D center to produce its own brand of cars, says the corporate parent of its Chinese partner.
The venture, Dongfeng Yueda Kia Motors Co., will start construction this year and complete the center by 2015, Jiangsu Yueda Group Co.'s Vice Chairman, Shao Yong, said in an interview in Beijing.
Kia plans to boost 2011 sales in China by 29 percent to 430,000 units.
Shao told reporters in Beijing that Jiangsu Yueda Group plans to nearly double its sales to 120 billion yuan by 2015, from 62 billion yuan last year.
