South Korean company Kia has commenced constructing a full-cycle plant to produce its cars in Kostanai city of Kazakhstan, inbusiness.kz reported on Saturday.
The new plant is expected to produce 70,000 cars annually and aims to create 1,500 high-paying jobs. Initially, the plant will focus on manufacturing three models: Sorento, Sportage, and Cerato. In the subsequent stage, production of the complete line of Kia brand vehicles will be initiated. The project will receive approximately $250 million in foreign investment.
According to the report, Kia is venturing into its first-ever direct investment in a joint venture and plant construction outside South Korea. The construction process will conclude in 2024, followed by equipment installation.
The plant is scheduled for a trial run in the first quarter of 2025, with full-scale production commencing in the second quarter.
