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Kia Will Spend More Than $1 Billion on Mexico Auto Plant

Kia Motors Corp. plans to build its first assembly plant in Mexico as the South Korean automaker follows European and Asian rivals in adding regional production.

Mexican President Enrique Pena Nieto said today the company will invest more than $1 billion in the factory and attract another $1.5 billion from Kia suppliers in Mexico. The plant will produce 300,000 vehicles a year and be completed in the first half of 2016, Kia Vice Chairman Lee Hyoung-Keun said at an event with Pena Nieto in Mexico City.