At a time when the auto industry is battling a slowdown, announcing plant shutdowns and reporting negative retail sales, South Korean automaker Kia Motors is set to inaugurate its fully functional Anantpur facility in India, with an investment of over $ 1 billion and an installed capacity of 300,000 units each year.
Ahead of the opening, CNBC-TV18 spoke with Manohar Bhat, Vice-President, Sales, at Kia Motors, and Yong S. Kim, Chief Sales Officer and ED at Kia Motors India, to understand the company's future plans.
The company is softening expectations in December after record November sales, and hopes to see better growth with the start of FY21. "The growth in the auto sector depends on the economic situation of the country. Once the GDP growth starts improving, we should definitely see a rise in auto demand," Bhat said.
"So far the government has done its best to kick-start the economy and I am sure they are contemplating more actions. Hopefully, by the beginning of the next financial year, we should see better all-around growth," he added.