Volkswagen has slashed the price of its flagship Passat midsized sedan from W42 million to W38.9 million (US$1=W1,012). The company hopes the discount will help it gain a stronger footing in the highly competitive Korean market.
"We decided to lower the price tag in order to gain a stronger edge in the market for midsized sedans," Volkswagen said Tuesday.
The carmaker also added a premium sound system to the model. Most Passats sold in Korea are manufactured in the U.S. Volkswagen sold more than 2,000 units here during the first six months of the year.
Automakers have unveiled a number of new midsized sedans here recently. In March, GM Korea started selling a diesel version of the Malibu, and Hyundai and Renault Samsung followed suit with the new Sonata and the diesel version of the SM5. The Passat is viewed as a major contender in the domestic market.