Kia Motors (hangul: 기아자동차) is a South Korean automobile manufacturer with headquarters in Yangjae-dong, Seocho-gu, Seoul, South Korea. Its CEO is Chung Eui-sun. The American arm is Kia Motors America. On October 20, 2006, Kia Motors America formally hosted a groundbreaking ceremony for its first US assembly plant in West Point, Georgia, at an initial cost of over $1 billion. The new plant will produce approximately 300,000 vehicles per year and create 5,000 jobs in the United States.
According to Kia Motors, the name “Kia” derives from the Hanja ki meaning arise or come up out of or rising up and the a stands for Asia. So Kia is roughly translated as arise or come up out of Asia or Rising out of Asia.[1][2]
South Korea’s oldest car company, Kia was founded in 1944 as manufacturer of steel tubing and bicycles. In 1952, Kia changed its name from Kyungsung Precision Industry[3] and later built motorcycles, trucks and cars. Starting in 1986, in partnership with Ford, Kia produced several Mazda derived vehicles for both domestic sales in Korea and imports into other countries. These models include the Pride (based on the Mazda 121) and Avella, which were sold in North America and Australasia as the Ford Festiva and Ford Aspire.
In 1992, Kia Motors America was incorporated in the United States. The first Kia-branded vehicles in the United States were sold from four dealerships in Portland, Oregon in February 1994. Since then, Kia expanded methodically one region at a time. Dealers in 1994 sold the Sephia, and a few years later the United States line expanded with the addition of the Sportage.
Kia’s strategy of moving into the U.S. market region by region proved extremely successful and set a model for entering the U.S. market. In less than a decade, Kia surpassed even their most generous sales expectations to become a significant player in the U.S. auto market.
However, Kia’s bankruptcy in 1997, part of the Asian financial crisis, resulted in the company being acquired in 1998 by South Korean rival Hyundai Motor Company, outbidding Ford Motor Company which had owned an interest in Kia Motors since 1986. [4]
Kia is one of the most improved brands in the J.D. Power and Associates Vehicle Dependability Study.
Since the start of 21st century, the company has started to recover and grow again - success came from the European market and today, Kia is Europe’s and particularly the UK’s fastest growing car company.
Kia’s amazing world-wide growth over the past ten years is partly to do with their major sponsorships of high-profile sporting events, such as the Australian Open tennis tournament.
Source: Wikipedia
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