South Korean car maker Kia is planning to build an automobile assembly plant at an investment of $1bn in Mexico.
The plant will reportedly produce 300,000 vehicles a year, and the car maker plans to open the plant in 2016, Bloomberg reported.
Part of the $1bn investment will be done by Kia, and the rest of the amount will come from its suppliers and other partners who plan to add more value to the project.
Kia already has plants in China, Slovakia and Vietnam and by creating a plant in Mexico it will become the first South Korean car maker to have a plant in Mexico.
Once the plant starts operation, it will join the ranks of Honda, Audi, Renault and BMW who already have manufacturing units in Mexico.
The company did not confirm the model that will be produced but it hinted that the plant is expected to build at Pesqueria, near Monterrey.
