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Kia

Summary

Kia Corporation, together with its subsidiaries, manufactures and sells vehicles in South Korea, North America, and Europe. The company offers cars, SUVs and MPV, eco, and commercial vehicles. It sells its products through a network of dealers. It has a strategic partnership with Factorial Inc. to jointly develop solid-state batteries for next-generation electric vehicles. The company was formerly known as Kia Motors Corporation and changed its name to Kia Corporation in January 2021. Kia Corporation was founded in 1944 and is based in Seoul, South Korea.


History

Kia was founded on June 9, 1944, as Kyungsung Precision Industry, a manufacturer of steel tubing and bicycle parts, eventually producing Korea's first domestic bicycle, the Samchully, in 1951. In 1952, Kyungsung Precision Industry changed its name to Kia Industries, and later built Honda-licensed small motorcycles and Mazda-licensed trucks and cars . The company opened its first integrated automotive assembly plant in 1973, the Sohari Plant. Kia built the small Mazda-based Brisa range of cars until 1981, when production came to an end after the new military dictator Chun Doo-hwan enforced industry consolidation. This forced Kia to give up passenger cars and focus entirely on light trucks. Kia assembled a few hundred more cars in 1982 and 1983, after the ban had taken effect, but no passenger cars were built in 1984 and 1985.Prior to the forced 1981 shutdown, Kia had rounded out its passenger car lineup with two other foreign models assembled under license: the Fiat 132 and the Peugeot 604. The import of these knock-down kits was permitted as long as Kia exported five cars for every single Fiat or Peugeot brought in .Starting in 1986 , Kia rejoined the automobile industry in partnership with Ford. Kia produced several Mazda-derived vehicles for both domestic sales in South Korea and for export into other countries - where they were positioned at the budget end of the market. These models included the Kia Pride, based on the Mazda 121 and the Avella, which were sold in North America and Australasia as the Ford Festiva and Ford Aspire. In 1992, Kia Motors America was incorporated in the United States. The first Kia-branded vehicles in the United States were sold from four dealerships in Portland, Oregon, in 1992. Since then, Kia methodically expanded one region at a time. Dealers in 1994 sold the Sephia and a few years later the United States segment expanded their line with the Sportage. Over one hundred Kia dealerships existed across thirty states by 1995, selling a record 24,740 automobiles.

Kia declared bankruptcy in 1997, during the Asian financial crisis, and in 1998 reached an agreement with Hyundai Motor Company to diversify by exchanging ownership between the two companies. Hyundai Motor Company acquired 51% of the company, outbidding Ford Motor Company, which had owned an interest in Kia Motors since 1986. After subsequent divestments, Hyundai Motor Company owns about one third of Kia Motor Corporation. While Hyundai Motor Company remains Kia's largest stakeholder, Kia Motor Company also retains ownership in some 22 Hyundai Motor Company subsidiaries. Since 2005, Kia has focused on the European market and has identified design as its "core future growth engine"—leading to the hiring of Peter Schreyer in 2006 as chief design officer and his subsequent creation of a new corporate grille known as the 'Tiger Nose'. In October 2006, Kia Motors America broke ground for Kia Motors Manufacturing Georgia in West Point, Georgia, representing a US$1 billion investment for the company. Kia Motors Manufacturing Georgia opened in February 2010, after Kia recorded its 15th consecutive year of increased U.S. market share. In August 2014, the company received international attention when Pope Francis of the Catholic Church rode in one of their compact cars, the Kia Soul, during a five-day visit to South Korea. The Kia Soul drew bigger attention than two other vehicles used by the Pope, their Kia Carnival and Hyundai's Santa Fe, because it appeared in the high-profile welcoming ceremony of his arrival at the Seoul Airport on August 14. In 2016, Kia Motors model reliability was ranked first in the United States by J.D. Power and Associates, becoming the first non-luxury automaker since 1989 to top that list.


Mission

Kia Motors mission is to produce the best vehicles exhibiting superior technology, quality, and value through a spirit of continuous improvement, creativity, teamwork and value-based relationships . they strive for perfection


Vision

Establishing a robust marketing culture that permeates every level of the organization and within which the distinct needs of customers are identified and met will continue to be our vision for the short, medium and long term.


Key Team

Mr. Jae-Rok Lee (Head of Fin. Division, Sr. Exec. VP and Managing Director of Fin. Division)

Woo-Yeol Park (Managing Director)

Chun-Gwan Seo (Managing Director)

Yong-Won Cho (Managing Director)

Hun-Ho Kim (Managing Director)

Hui-Jong Yoo (Managing Director)

Hyeok-Ho Kwon (Managing Director)


References
Kia
Leadership team

Mr. Jun-Young Choi (CEO, Exec. VP & Chief Safety Officer)

Mr. Chun-Soo Han (CFO, Exec. VP & Director)

Products/ Services
Automotive, Manufacturing, Transportation
Number of Employees
20,000 - 50,000
Headquarters
Seoul, Seoul-t'ukpyolsi, South Korea
Established
1957
Company Registration
SEC CIK number: 0000882634
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
KRX:000270
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