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Kia to start exporting Seltos from India later this month.

M2 EQUITYBITES-September 9, 2019--Kia to start exporting Seltos from India later this month

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Auto Business News - 09 September 2019

Kia Motors Corporation (KSE: 000270), a South Korea-based automaker, is commencing export of a mid-size sports utility vehicle, Seltos, from India later this month.

The automaker is planning to export around 500 units of the vehicle to mid-South America to start with, and later to the Middle East and South Asian markets, according to Kia Motors chief operating officer, Jong Soo Kim.

Chennai Port Trust chairman P Raveendran stated that the automaker's first shipment was likely to commence by September 20. He stated that under the memorandum of understanding that has been signed, the Port is to provide tailor-made facilities and concessional benefits for the export of vehicles to the automaker. The contract will be valid until 2029 and the automaker is to exclusively use Chennai Port for exports of vehicles, he said. KIA Motors India COO Jong Soo Kim stated that the automaker would look at gradually increasing the shipment from the Chennai Port Trust.

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Publication:M2 EquityBites (EQB)
Geographic Code:9INDI
Date:Sep 9, 2019
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