Kia Cuts Prices of 2015 K7

Kia has slashed the price tag of its new K7 large sedan by up to W2.44 million (US$1=W1,027). A Kia spokesman on Tuesday said the firm reduced the number of K7 available versions from six to three and the price tag by W620,000 to W2.4 million.

Instead, Kia focused on improving onboard functions.

Kia slashed the price because it is being beaten by affiliate Hyundai, which has launched several new cars this year. Kia’s sales in the first six months of this year fell 18 percent on-year to 11,126 vehicles, hit by Hyundai’s release of a diesel version of the Grandeur sedan.

englishnews@chosun.com / Jul. 16, 2014 12:20 KST