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Kia Motors was founded in 1944 under the name Kyungsung Precision Industries. The Kia Motors Corporation are manufacturers of passenger vehicles, sports utility vehicles, light commercial vehicles, and trucks. Kia also manufactures other transportation vehicles like busses, delivery vans and loaders. From the beginning of the company’s start, they have been headquartered in Seoul, is South Korea. Toward the end of World War II, the company was hand-manufacturing steel tubing and bicycle parts. In 1951, its name change took place. Kia derives from the Sino-Korean word “ki” which means “to come out” and “a” signifying Asia. The brand name was then representative of the fact that it “came out of Asia” or “the rising out of Asia.” By the late 50s, Kia then began producing motorcycles. By 1962 Korea’s residing president Park wanted them to focus on trucks and industrial goods instead. The company was heavily dependent on imports but slowly began learning from its suppliers and started developing its own technology. That in turn allowed Kia to compete as an exporter of whole vehicles. Kia then worked on building their first fully integrative automotive plant, which was completed by 1973. In 1974 they began their production of motor vehicles. The first models to be produced were the Peugeot 604, Fiat 132, followed by a Kia Brisa. Throughout the 80s Korea continued working on becoming an exporting country, as per the presidents economic plan. The government than set limits on vehicle manufacturing, fearing the speedy growth of the industry. Only Kia, Hyundai and Daewoo were permitted to manufacture cars. Kia Motors was selling 300,000 cars by the mid-eighties making them the second largest South Korean automaker. To date, Kia remains to be the second-largest vehicle manufacturer, after the Hyundai Motor Company. Kia’s turning point then came in 1987 when they began shipping cars to the US. The US had the world’s largest car market. This step stemmed from Ford’s agreement with Kia, making Kia the supplier of the Ford Festiva. The 90s had seen Kia suffering from the labour union strikes, domestic trade barriers and the struggle for independence. However, Kia soldiered through it and went on to become the world’s 20th largest automaker by the mid-nineties. The Asian financial crisis in 1997 led to Kia becoming bankrupt and ultimately resulting in the Hyundai Motor Company acquiring a 51% stake in the company. Kia has since continued on its path of international growth.