|
Korea's high-end sedan market is heating up as local and foreign automakers rush to release new premium cars.
Hyundai Motor, the country's top automaker, ignited the competition with the release in early January of its Genesis luxury sedan. Priced between W45-58 million (US$1=W945), somewhat less than comparable imported cars, the Genesis sold over 10,000 units in a month, achieving 28 percent of its annual sales target of 35,000 units.
Hyundai is also planning the launch of its new Equus luxury sedan. The new model, code-named "VI", will offer rear-wheel drive, a Tau 4.6-liter V8 engine and a six-speed transmission at a price between W60-100 million.
 |
Hyundai Motor’s Ulsan Port is in full operation late at night shipping cars abroad.
|
 |
|
Ssangyong Motor, the South Korean unit of China's Shanghai Automotive Industry Corp., is set to launch a new luxury sedan targeted at CEOs and business leaders. The Chairman W, which goes on sale on Feb. 27, features a 5-liter engine, the largest in the local market, and a seven-speed transmission.
Foreign carmakers are also stepping up their efforts to compete with local rivals. Mercedes-Benz recently introduced its new S320 CDI diesel S-Class at W133.9 million. German automaker Audi introduced a facelifted update of its A8 luxury sedan last week, lowering the price by more than W13 million.
Kang Chul-koo, an executive at the Korea Automobile Manufacturers Association, predicted fierce competition in the luxury car sector with so many companies set to launch new models this year.
(englishnews@chosun.com )
|
