Toyota Motor Executive Vice President Funo Yukitoshi, left, and Toyota Korea President Taizo Chigira present the Camry at the Toyota launching event at Grand Hyatt Seoul, Monday. Three other models, including the Camry hybrid, Prius and RAV4, were also released. / Courtesy of Toyota Korea |
By Jane Han
Staff Reporter
Toyota Motor officially unleashed its South Korea offensive Tuesday by releasing four models on its rival Hyundai Motor's turf, where more than 70 percent of consumers buy a Hyundai car or one from its affiliate Kia.
The Japanese auto giant will immediately begin selling its perennial bestseller Camry sedan, Camry hybrid, Prius and the RAV4, a sharp line-up expansion after selling only its luxury brand Lexus on the local market since 2001.
``We realized that Lexus alone cannot fulfill the needs of the South Korean market,'' Toyota Korea President Taizo Chigira said in fluent Korean in a launching event in Seoul.
The Camry will be sold for 34.9 million won ($29,900), the Camry hybrid for 45.9 million won, the Prius for 37.9 million won and the RAV4 for 32.1 to 34.9 million won, according to company's official price chart.
Toyota's cars are more expensive than that of its rival Hyundai Motor, which sells its most popular model Sonata starting at 21.3 million won. But the Japanese maker's offering is less pricey than other imported brands, including Honda and Nissan.
The company has its monthly sales pegged at 500 for this year and then 700 per month next year.
``We plan to take things slow and push a long-term strategy,'' said Chigira, who downplayed the possibility of expanding its sales target in the near future.
According to local Toyota dealerships, more than 1,500 consumers have already signed contracts to purchase the Japanese vehicles.
Last year, Honda Korea was the best-selling foreign auto maker in South Korea. It took up more than 20 percent of the foreign car market share by selling 12,356 vehicles in 2008.
But industry experts say that Toyota, despite its late start, has a good shot at taking over Honda in the imported auto market competition.
``Toyota is not concerned about its foreign peers. It's directly challenging Hyundai Motor,'' said Song Sang-hoon, an analyst at Kyobo Securities.
South Korea's biggest car maker Hyundai Motor and its affiliate Kia Motors together took up 72 percent of the country's market share, according to the Korea Automobile Manufacturers Association.
``Toyota cars are still more expensive than those of Hyundai and Kia, but consumers may find stronger appeal once the price gap narrows,'' said Lee Sang-hyun of Hana Daetoo Securities, who forecast that a weaker yen may help Toyota bring down prices.
Experts said the initial ``new car effect'' will shake up the domestic auto market, but added that Hyundai's long-running stronghold won't be easy to break.
``In the end, the consumer experience is going to decide whether Toyota will be able to shake up the domestic industry,'' said Lee.
jhan@koreatimes.co.kr
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