MANILA -- KIA Motors Corp. has chosen the Philippines as its next market for its sub-compact sedan, Soluto, showing its confidence in the country's automotive industry.
KIA Philippines launched Wednesday evening the Soluto, aiming to compete in the small cars segment - which holds the largest share in the local market.
KIA Motors Asia-Pacific President Ted Lee said the Philippines is the next market for Soluto outside China.
Soluto is manufactured in China and carries the model name, Pegas.
"KIA decided to export the Soluto with the Philippines as the first export market," Lee said.
In an interview, KIA Philippines president Manny Aligada said the company is expecting Soluto to contribute nearly 50 percent of its target sales for this year.
"Probably close to half of the overall annual target that we are planning," Aligada said.
Earlier, the executive told reporters that KIA Philippines eyes to bring back its sales to the 10,000-level in 2019, the same level it had in 2015 before it slowed down to 7,304 units in 2016 and 5,186 units in 2017.
The South Korean carmaker is also banking on its partnership with the Ayala Group in strengthening the brand's name in the Philippine market.
KIA Philippines operates under AC Industrials -- Ayala's holding company for its investments in industrial technology.
Meanwhile, Soluto will be available in the Philippine market starting next week with prices ranging from PHP625,000 to PHP735,000.
KIA Philippines is also set to bring in new models this 2019. (PNA)
