Kia targets sales

Kia targets sales

SEOUL (Reuter): South Korea's Kia Motors Corp said it is aimed at posting 20 trillion won in sales in the year 2005 with an annual production capacity of 2.1 million vehicles.

A company statement said the annual output would include 850,000 vehicles made in Indonesia for domestic sale and 750,000 for overseas sale.

The remaining 500,000 would be produced at plants it plans to build overseas.

Kia, the second largest automaker in South Korea, now has annual production capacity of 1.05 million units, he said.

Kia said it would increase its annual investment in research and development to 1.2 trillion won by 2005, compared with 400 billion this year.