At a time when a number of global car makers are searching for ways to enter India to start their operations in this rapidly growing market, the Korean auto giant Kia Motors has shelved its plans to start operations in India. It is to be mentioned here that Kia Motors is a subsidiary of Hyundai Motor Company.
According to a statement given by a senior official of the company, the company will continue to concentrate on developed markets like Europe, US and China where it has local production facilities. According to a statement given by company spokesman Michael J Choo, "Our hands are full right now. Currently we are not looking at India but concentrating on other overseas markets where we aim to produce over 1 million cars this year. We will, however, continue to monitor the Indian market as it holds sizeable potential and may be on our future radar."
It has been about a decade since the company is vying for opportunities in the Indian market. Earlier, Kia Motors was one of the fastest growing car makers in the Korean market. Kia had roped in Synovate Consultancy for conducting a feasibility study for the Indian market. But even after getting a positive report, the company has decided to shelve its India plans.
