Kia Motors Finance, which is based in Austin, Texas, said on Tuesday that it is shutting down and will relocate to China, Reuters reported.
The Detroit automaker said in a statement that it was closing its operations in Austin due to “market and regulatory constraints.”
Kia Motors is based near Austin and was founded in 1972.
It sold vehicles to automakers such as Honda, Toyota and Volkswagen.
Kia is also owned by the Korean conglomerate Hyundai Motor.
Kia said that it will relocate its workforce to China.
It said that the automaker has plans to invest in its manufacturing facility and to hire more people in China.
Kias chief executive, David Bierman, told Reuters that the company was moving to the China market as its growth rate had declined.