Despite the popularity of Toyota cars in Nigeria, Kia and Hyundai are both carmakers with models all over Nigerian roads. Each of these auto companies has roots in South Korea. Both brands have grown up over the years and today they are recognized globally.
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In fact, Kia won the World Car of the Year award this year, and its models top several best lists. Kia is a Korean car company on the rise and isn’t what it used to be. However, does Hyundai own Kia?
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About the Kia Motors
In 1997, there was an Asian financial crisis, according to the Kia Motors Wikipedia page. Kia made an agreement with Hyundai Motor Company for a specific exchange of ownership between the two carmakers.
This agreement took place in 1998. Hyundai Motor Company gained 51% of Kia after outbidding Ford Motor Company. Ford owned significant Kia interest since 1986, however, the 1998 Hyundai deal changed that and the company became a wholly Korean car company.
Who is The Owner of Kia?
The automotive industry finances are complicated. As of December 31, 2015, Hyundai Motor Company owns 33.88% of Kia Motors’ interest. Today, Kia’s largest stakeholder is Hyundai Motor Company. Additionally, however, Kia Motors owns stakes in 22 different Hyundai companies.
So who owns Kia? According to Consumer Reports, it is, in fact, Hyundai Motor Group. However, Kia also owns bits and pieces of Hyundai.
Is Kia a Reliable Car Brand?
Today, Kia’s cars and crossover SUVs are reliable and backed by a great 10-year warranty for new models. The Korean car company improved as the years went by. Today in Nigeria, it’s becoming popular amongst young Nigerian first-time car owners.
Since 2015, J.D. Power recognizes the Kia brand as the highest-ranked mainstream brand in terms of initial quality. So, it’s safe to say that you probably will find joy in a brand-new Kia. Of course, Hyundai owns Kia. Only, 33% of the stakes, but it’s had shares in the Kia brand since 1997.
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