Dongfeng Yueda Kia to be fastest growing carmaker in China

Shanghai, June 19 (Gasgoo.com) Dongfeng Yueda Kia Automobile Co, a joint venture between the Dongfeng Motor Corp(50%), Hyundai Kia Automotive Group (25%), and Jiangsu Yueda Investment Co(25%), said it would become the fastest growing automaker in China this year if it keep its growing momentum for the remaining part of this year, the Shanghai Securities Journal report on Friday.

In the first five months sales of Dongfeng Yueda Kia rose 42.5 year on year to more than 80,000 vehicles, far ahead of industry average, thanks to the government tax reduction policies on cars with engines of 1.6 liters or less to revive flagging automobile demand.

Kia has raised its 2009 China sales goal through the venture by about 8 percent to 200,000 vehicles from 185,000 set previously.

The JV launched Kia C-segment Forte (known as 'all-new Cerato' in some countries) in Nanjing, capital city of east China's Jiangsu province, on Thursday. The Forte will be produced locally at one of two plants jointly owned by Kia Motors and Dongfeng Yueda in Jiangsu province.