Kia, Kia Optima are set to merge
The U.S. auto giant Kia and the South Korean automaker Kia are set a deal to combine, the companies said Thursday.
The deal is expected to close next year.
The new car maker, which will be called Kia Motors, will be led by executive chairman and chief operating officer Kang Joon-hee.
The merger will create a global, full-service vehicle maker.
Kia is one of the world’s biggest carmakers, producing cars for more than 80 countries.
Kias main rivals include Ford, Mercedes-Benz, and BMW.
KIA will be based in Detroit, Mich., where the company has long had a strong presence.
The automaker is expected sell its vehicles in North America, where it has more than 8,500 dealers.
Kiosks sales are expected to be in the tens of billions of dollars.
Kiah, Kias first full-size SUV, is due to be unveiled in the spring.