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
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
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]
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