Toyota Topping Auto Imports
By Jane Han
Staff Reporter
Toyota Motor's domestic strategy seems to be going as planned so far, as the world's largest automaker took over the No. 1 spot in the Korean foreign car market in November ― less than two months after its official launch.
Its next plan is to snatch away Hyundai Motor's tight hold on the overall local passenger auto market, with latest figures showing that the Japanese rival is going in the right direction.
According to the Korea Automobile Importers and Distributors Association (KAIDA), Toyota sold 451 units of its perennial bestseller Camry sedan last month, nearly matching the company's modest sales goal pegged at 500 units this year.
The company started selling the Camry sedan and three other models, including the Prius hybrid and Rav4, in South Korea in late October, after having tested the local market with its luxury vehicle Lexus since 2001.
Despite the late start, the carmaker made a big impact driven by its competitive pricing.
The top-of-the-line Camry is currently sold for 34.9 million won ($29,900), while the Rav4 goes anywhere from 32.1 to 34.9 million won.
Market analysts forecast earlier that Toyota's full-fledged launch would cause a splash in both the imported and Korean auto market, but they say the ripple effects are likely to be bigger than expected.
``New cars generally sell decently immediately following a launch because of the new car effect,'' said an analyst, ``so once consumer reviews start spreading more widely, we can probably expect sales to go up further for a longer period.''
Experts say that the Camry sedan could have strong appeal to Korean middle-class customers who have been unhappy with Hyundai's policy of selling cars at a higher price in the local market than overseas.
Toyota officials say the waiting list to purchase a Camry is already booked until April of next year.
``We plan to continue to be receptive to Korean consumers' needs in order to raise our after service quality,'' said a company spokesman.
The KAIDA's monthly report showed that Mercedes-Benz E300 was the second best-selling foreign car in the local market with 361 units sold, followed by BMW with 211 units sold.
Overall sales of imported cars in South Korea more than doubled in November compared to one year earlier. Sales totaled 6,140 units, according to the industry group.