Jiangsu Yueda Kia Motors

Jiangsu Yueda Kia Motors Co., Ltd.
江苏悦达起亚汽车有限公司
FormerlyDongfeng Yueda Kia Motors Co., Ltd. (until 2022)[1]
Company typeJoint venture
IndustryAutomotive
Founded28 August 2002; 22 years ago (28 August 2002)
Headquarters
Yancheng, Jiangsu
,
China
ProductsAutomobiles
ParentKia (50%)
Jiangsu Yueda Group (25%)
Jiangsu Yueda Investment (25%)[2]
Websitewww.kia.cn

Jiangsu Yueda Kia Motors Co., Ltd. is an automotive manufacturing company headquartered in Yancheng, China and a joint venture between Jiangsu Yueda Group and Kia. The company was formerly known as Dongfeng Yueda Kia Motors Co., Ltd. until Dongfeng withdrew from the joint venture in late 2021.

History

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Dongfeng Yueda Kia was founded in 2002.[3] In August 2003, it was announced that Dongfeng Yueda Kia would invest around US$600 million in the construction of a new assembly plant in Jiangsu Province with a capacity to produce 400,000 vehicles per year.[2]

In November 2011, Dongfeng Yueda Kia announced that it would construct its third automobile manufacturing plant in Yancheng.[4] Construction of the plant took place between 2012 and 2014.[4] The plant has an annual production capacity of 300,000 cars.[4]

In December 2021, Dongfeng sold its 25% stake in the joint venture to Jiangsu Yueda for CN¥297 million.[5][6]

In February 2022, South Korea's Kia Motors Corporation signed an agreement to expand investment with the People's Government of Yancheng City and Jiangsu Yueda Group, and the two parties will establish a new joint venture. On the evening of 1 March, Yueda Automobile issued an announcement that Dongfeng Yueda Kia Automobile Co., Ltd. plans to increase capital by US$600 million. Yueda Investment issued an announcement to give up increasing investment in Dongfeng Yueda Kia. Prior to this capital increase, the equity structure of Dongfeng Yueda Kia was Kia Corporation, Yueda Automobile Group, and Yueda Investment, each holding 50%, 25%, and 25%, After the capital increase, the shareholding ratio of the new company is 50% for Kia Motors, 45.8% for Yueda Automobile Group and 4.2% for Yueda Investment respectively. Yueda Automobile Group and Yueda Investment are persons acting in concert.[7]

On 22 March 2022, Dongfeng Yueda Kia was renamed Kia Motors Co., Ltd.[8] In May of the same year, it was renamed Jiangsu Yueda Kia Motors Co., Ltd.

Plants

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The Jiangsu-Yueda-Kia's plant in Yancheng, Jiangsu Province manufactures Kia vehicles for the Chinese market. The plant will also accommodate the initial mass production of the HiPhi 1 electric crossover starting from 2021.[9]

Plant Type Location Year opened Year closed Notes
Yancheng car plant Yancheng, Jiangsu Province (江苏), China active

Sales

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Calendar year Total sales
2007 101,000[3]
2008 142,000[3]
2009 241,000[3]
2010 333,000[3]
2011 433,000[3]

Vehicles

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Former vehicles

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HiPhi vehicles

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  • Kia Pegas
    Kia Pegas
  • Kia K3
    Kia K3
  • Kia K5
    Kia K5
  • Kia Stonic
    Kia Stonic
  • Kia Seltos
    Kia Seltos
  • Kia Sportage Ace
    Kia Sportage Ace
  • Kia Sportage
    Kia Sportage
  • Kia Sonet
    Kia Sonet
  • Kia EV5
    Kia EV5
  • Kia Carnival
    Kia Carnival

Former

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  • Kia Forte Furuidi
    Kia Forte Furuidi
  • Kia K2
    Kia K2
  • Kia K4
    Kia K4
  • Kia KX Cross
    Kia KX Cross
  • Kia KX3
    Kia KX3
  • Kia KX3 Aopao
    Kia KX3 Aopao
  • Kia KX5
    Kia KX5
  • Kia KX7
    Kia KX7

References

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  1. ^ Bobylev, Denis (8 April 2022). "Dongfeng Motor Withdrew From The Kia Yueda Joint Venture". CarNewsChina.com. Retrieved 5 February 2024.
  2. ^ a b "Kia to set up new JV plant in China". China Daily. 11 August 2003. Retrieved 23 October 2016.
  3. ^ a b c d e f "Kia's 3rd China plant to produce tailored cars". The Korea Herald. 29 June 2012. Retrieved 12 July 2012.
  4. ^ a b c "Kia to set up new JV plant in China". The Chosunilbo. 3 November 2011. Retrieved 23 October 2016.
  5. ^ Yu, Cong; Ding, Yi (24 December 2021). "State-Run Conglomerate Buys Dongfeng Motor's Entire 25% Stake in Kia Joint Venture". Caixin Global. Retrieved 10 March 2022.
  6. ^ Herh, Michael (10 December 2021). "Kia Corp. to Part Ways with Chinese Joint Venture Partner". Business Korea. Retrieved 10 March 2022.
  7. ^ "悦达投资发布公告放弃增资东风悦达起亚". auto.sina.com.cn. Archived from the original on 3 March 2022. Retrieved 28 March 2022.
  8. ^ "Dongfeng Yueda Kia changes its name to Kia Motors: The company name change is not important, the key is the company strategy". auto.caijing.com.cn (in Chinese). Archived from the original on 14 April 2022. Retrieved 28 March 2022.
  9. ^ "EV maker Hozon Auto to kick off construction of Yichun plant". autonews.gasgoo.com. 31 July 2019. Retrieved 7 February 2020.
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