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– Kia Motors Corp., will build a second car plant in China’s Jiangsu province at a cost of $645 million. The Chinese car market is predicted to grow to 10 million units annually by 2010, up from around 2.2 million now. The new Kia plant will have an estimated annual capacity of 300,000 units and will be ready for production by 2006. It will be built next to Kia’s first China plant, which produces 130,000 sedans and recreational vehicles a year. By 2010, the Hyundai-Kia Automotive Group is expected to be able to produce more than 5 million units, approximately 3 million in Korea and 2 million overseas.
