Car Importers to Flood Local Market With 40 New Models
By Ryu Jin
Staff Reporter
Importers of foreign-made cars aim to sell up to 62,000 vehicles in the local market next year, up 20 percent from this year’s sales, with over 40 new models, according to an importers’ association Tuesday.
In a report on the outlook of 2008 sales, the Korea Automobile Importers & Distributors Association (KAIDA) said that the nation’s imported car market will continue to grow next year. Imported cars took a 5 percent share of the total South Korean auto market this year.
``Some favorable factors such as the rapid growth in sales of mid- and low-priced cars, the introduction of new brands and a free trade deal with the European Union are expected to have a positive influence on the expansion of the imported car market,’’ the report said.
In particular, sales of the imported cars priced less than 50 million won (roughly $53,150) are expected to rise, as a number of foreign brands are set to introduce entry-level models for consumers in their 30s and 40s who have emerged as their main customers.
While BMW Korea plans to introduce the Series 6 in March, X6 in September and Series 7 in October, the premium brand MINI is also set to bring its Clubman into the South Korean market in March.
Honda Korea will launch its All New Accord in January, while Audi will launch its A3 model from September. Mercedes-Benz Korea is also scheduled to introduce the SL-Class, C 63 AMG and GLK-Class in the latter half of the year.
But the importers have yet to get out of a longtime controversy over prices. Some leading firms are currently being investigated by the country’s fair trade regulator for setting prices excessively high and even allegedly colluding in price-fixing.