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Kia Motors-spending plan

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(Globalpost/GlobalPost)

SEOUL, March 29 (Yonhap) -- Kia Motors Corp., South Korea's No.2 automaker, said Friday that it plans to spend 2.97 trillion won (US$2.67 billion) on research and development and improving production facilities this year, up 12.2 percent from a year earlier.

The automaker said the earmarked spending is roughly 6.2 percent of its estimated sales for the year, with its R&D budget for the year also up 14 percent on-year to 1.7 trillion won.

Kia Motors, an affiliate of the country's leading automaker Hyundai Motor Co., spent a total of 2.65 trillion won last year, which is equivalent to 5.5 percent of its 2012 sales.

The automaker gave a downbeat outlook for the global automaker saying it will beef up risk management this year.

The number of workers at the company reached some 47,000 at the end of last year, up 4 percent from a year earlier with new hiring almost doubling to 1,580 employees, it said.

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