Toyota Camry Enters Korean Market

Japanese carmaker Toyota is set to expand its presence in the Korean market with its other signature models. It officially launches its namesake brand in Korea on Tuesday, joining its luxury sister brand Lexus which debuted here in 2000.

Toyota Korea notified its five Korean dealers of the wholesale prices of the Prius, the Camry sedan, and the RAV4 compact SUV. Including the dealers' 13 percent margin, the gas version of the Camry will cost W34.9 million (US$1=W1,171), between Hyundai's popular Sonata 2.0 (W31 million) and Grandeur 2.7 (W38.4 million), while the hybrid version will go for W45.9 million.

The two-wheel drive version of the RAV4 will retail for W32.1 million and the four-wheel version for W34.9 million. The Prius hybrid is priced at W37.9 million.

"As part of its aggressive marketing strategy, the Japanese carmaker has set its prices so low that it will be difficult to make a profit given the current strength of the yen," an auto industry insider said. Toyota aims to sell 2,000 units by year's end, but it could achieve annual sales of 30,000 units starting next year, the insider added.