South Korean automobile manufacturer Kia Motor has revealed a plan to invest $1.6b over the next 16 years in West Point auto assembly plant, Georgia, US.
The planned investment will be used for buying new machinery, tools, equipment and other production-enhancing technology to boost production to meet demand in the country.
West Point city mayor Drew Ferguson said: "The City of West Point welcomes Kia's announced investment, which will help Kia grow and continue its success and whose positive effects will be realized for many years."
Kia will partner with the city of West Point, West Point Development Authority, Troup County Industrial Development Authority, Troup County, the Georgia Department of Economic Development and Georgia Quick Start for the investment.
The investment will be raised through bonds worth $1.6bn out of which $1bn will be issued by the West Point Development Authority while remaining $600m will be issued by the Troup County Development Authority.
Kia Motors Manufacturing Georgia has been operating a 2,200 facility in West Point since 2009 and produces 360,000 vehicles per year.
