South Korea's Kia invests in Indian factory after China troubles hit profit

Seoul

SOUTH Korean carmaker Kia Motors Corp signed a deal on Thursday to invest about US$1.1 billion to build its first factory in India, aiming to tap a fast-growing market at a time when its China sales are sagging.

The Hyundai Motor Co affiliate posted a 19 per cent slump in first-quarter net profit as anti-Korean sentiment and a conflict with dealers hit its China sales, sending its shares down 2.2 per cent in a flat market.