October 19, 2017 / 11:10 PM / a month ago

Kia Motors expects to invest 165 mln reais in Brazil in 2018

RIO DE JANEIRO, Oct 19 (Reuters) - Kia Motors plans to invest 165 million reais ($52 million) in Brazil next year to reach annual sales of 20,000 vehicles, taking advantage of Brazil’s removal of a 30 percent import tax, the South Korean automaker said on Thursday.

Kia Motors, which expects to sell 8,000 vehicles this year in Brazil, said the elimination of a tax on industrial imports would help fuel sales of 2.5 billion reais ($789.5 million) next year. ($1 = 3.1665 reais) (Reporting by Alberto Alerigi; Editing by James Dalgleish)

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