MANILA - Ayala Corp said Wednesday it would relaunch the Kia car brand in the Philippines, boosting its automotive portfolio.
Ayala unit AC Industrial Technology Holdings signed a distribution agreement with Seoul-based Kia Motors Corp to reestablish the brand in collaboration with the previous lead distributor, Columbian Autocar Corp, the conglomerate told the stock exchange.
The Ayala subsidiary also has stakes in Honda, Isuzu and Volkswagen in the country.
"With Kia’s dominant position globally, this partnership will undoubtedly boost AC Industrials’ automotive portfolio and enhance its position in the domestic automotive space," said Ayala Corp Chairman and CEO Jaime Augusto Zobel de Ayala.
“Together we will offer a refreshed, competitive model lineup and an outstanding sales and service experience,” KMC CEO Ho-Sung Song and Kia Motors Asia Regional President Steve Lee said in a joint statement.