who owns kia?
Kia Corporation, commonly known as Kia formerly known as Kyungsung Precision Industry and Kia Motors Corporation, is a South Korean multinational automobile manufacturer headquartered in Seoul, South Korea. It is South Korea’s second-largest automobile manufacturer, after its parent company, Hyundai Motor Company, with sales of over 2.8 million vehicles in 2019. Kia declared bankruptcy in…
Kia Corporation, commonly known as Kia formerly known as Kyungsung Precision Industry and Kia Motors Corporation, is a South Korean multinational automobile manufacturer headquartered in Seoul, South Korea. It is South Korea’s second-largest automobile manufacturer, after its parent company, Hyundai Motor Company, with sales of over 2.8 million vehicles in 2019.
Kia declared bankruptcy in 1997, during the Asian financial crisis, and in 1998 reached an agreement with Hyundai Motor Company to diversify by exchanging ownership between the two companies. Hyundai Motor Company acquired 51% of the company, outbidding Ford Motor Company, which had owned an interest in Kia Motors since 1986.
who owns Kia?
The Kia Corporation is a minority-owned by Hyundai, which holds a 33.88% stake valued at just over US$6 billion. Kia in turn is a minority owner of more than twenty Hyundai subsidiaries ranging from 4.9% up to 45.37%, totaling more than US$8.3 billion.
Kia was founded on June 9, 1944, as Kyungsung Precision Industry, a manufacturer of steel tubing and bicycle parts, eventually producing Korea’s first domestic bicycle, the Samchully, in 1951. In 1952, Kyungsung Precision Industry changed its name to Kia Industries, and later built Honda-licensed small motorcycles (starting in 1957) and Mazda-licensed trucks (1962) and cars (1974).
