South Korea's No. 2 automaker, Kia Motors Corp., said Thursday it will build a US$1 billion production plant in Mexico by 2016 in a bid to meet growing demand and tap new markets.
Kia Motors, an affiliate of the country's top auto group, Hyundai Motor, said in a regulatory filing the plant will be built in Pesqueria, a city of Nuevo Leon state in the northern part of Mexico.