Sunday, February 12, 2006

Korean Luxury Market Hotter than Ever

More signs of the Korean domestic market love of luxury cars...and the more expensive the car, the better!

In fact, this is what is driving [no pun intended] Hyundai Motors to expand their full size luxury car line. The 2006 Hyundai Equus is based priced at an all time high of over $90, 000. Plans for the launch of the restyled new rear engined V-8 Equus are rumored for 2007. Hyundai plans to use this new Equus to maintain market share in Korea despite strong competition. This new model should launch Hyundai's entrance into the luxury market...

Korea Herald
Demand for imported luxury cars is resulting in a supply shortage.

>>>The more expensive, the more popular they are.<<<
For those who ordered a Volkswagen Phaeton large sedan, it takes as long as three months to receive the car as demand was much larger than anticipated.

Volkswagen Korea had expected last year's sales volume of the Phaeton, which was launched here in April, to be about 200 units. However, sales passed the target in September and doubled to 560 units as of January.

The local unit of the German carmaker had to get 60 Phaetons transported by air last year. To meet its Korean demand, Volkswagen AG is scheduled to manufacture 120 extra Phaetons every Saturday for four weeks starting from the end of February.

We increased our sales target to between 700 and 800 units this year as we had difficulties last year due to a shortage, said a Volkswagen Korea official.

The four trims of the Phaeton - V12 6.0 long wheel based executive, V6 3.2 long wheel base, V6 3.2 normal wheel base and V6 3.0 TDI - are priced at 173.7 million won, 104.6 million won, 86.6 million won and 81.6 million won, respectively.

The Mercedes-Benz E350 midsize sedan, sold for over 100 million won, has also been subject to a shortage since they were unveiled in Korea early last year.

A local subsidiary of another German premium carmaker BMW has constantly run short of new 523i cars to sell since they were introduced here in July. Customers of the bestseller need to wait for about a month to get their cars delivered.

The recently launched Peugeot 607 sedan, 807 HDi multipurpose minivan and Land Rover Discovery3 are also in short supply.

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