Dongfeng Yueda Kia secures $150M loan from Bank of China

Shanghai, June 26 (Gasgoo.com) Kia Motors' Corp.'s Chinese unit Dongfeng Yueda Kia Automobile Co has secured a US$150 million loan from the Bank of China to support its expansion plans, Xinhua reports on Friday.

The loan is expected to fund the reinforcement cost of Dongfeng Yueda Kia's second plant and the full introduction of the all-new Cerato and an urban crossover codenamed "AMC" in China, according to the report.

In the first five months, Dongfeng Yueda Kia sold more than 80,000 vehicles, up 42.5 percent from a year earlier. The JV is forecast to sell 190,000 vehicles in 2009.