Asia Motors
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Asia Motors Industries, traded as Asia Motors (Korean: 아시아자동차, IPA: [aɕʰia dʑadoŋtɕʰa]), was a South Korean car manufacturer established in 1965 and closed in 1999. From 1976 onwards, it was a subsidiary of Kia Motors.
In 1962, as one of the measures to comply its First Five-Year Economic Development Plan, the Korean government passed a law exempting from taxes imported parts to assemble KD cars locally.[1][2] In 1965, as a result of these incentives, Asia Motor Industries was established in Gwangju through the financial support of entrepreneur Lee Mun-hwan.[3][4] The company was initially manufacturing military vehicles, trucks and buses but soon it began negotiations with Fiat and in 1970 it started to assemble Fiat 124 models.[5][6] It diversified into the SUV and heavy vehicles market, including large and medium duty trucks, special military vehicles, lightweight cars, civilian jeeps (a small jeep look-alike called the Rocsta and later the Retona), motor vehicle components, to include engines, and buses and mini-buses. In 1969, Asia Motors was acquired by Dongkuk Steel.[3] In 1973, the South Korean government launched a plan to promote the production of low-cost cars for export. Asia Motors was unable to satisfy the plan’s conditions,[7] losing its car assembly permits,[8] and was purchased by Kia in 1976,[7] as the government promised Kia, in exchange of doing so, a monopoly of the military vehicle production for South Korea.[1] In 1978, Asia Motors signed an agreement with Hino Motors of Japan with the aim of achieving economies of scale for its low-volume products.[3] Hyundai in turn purchased Kia and the Asia brand was discontinued in 1999. The Rocsta’s replacement, the Retona, was sold under the Kia brand.[citation needed]
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