Korean Car Market 2007

I found this article informative. As I have often noted the Korean car industry continues to move up market.

Chosun Ilbo

Korean automakers and importers will introduce some 50 new models next year. Korean domestic brands will launch large, high-end sedans, while cheaper models costing between $20, 000 and 30, 000 will come from abroad.

Koreanl brands
The most noticeable new model is Hyundai Motor’s high-end sedan codenamed BH, the successor of the Dynasty. The new model will be introduced in two versions, 4,500 cc and 3,800 cc. Hyundai says the BH will be the firm’s first sedan to be equipped with a rear-wheel drive to improve comfort of the rear seats. In terms of performance and convenience, the model rivals the Mercedes-Benz S-Class and the BMW 7-series, the firm says. The BH is expected to replace the Equus, the preferred sedan for corporate CEOs, and appeal to corporate customers. The prices range between $40,000-50,000.

Ssangyong Motor will release the successor of its luxury Chairman sedan, codenamed W200. The platform of the old model Chairman, which was first introduced in 1997, has been totally changed.

Kia Motors will launch a luxury SUV codenamed HM next year. Along with Hyundai’s recently released SUV Veracruz, the HM will compete with imported models like the Lexus RX350 and the BMW M Class.

GM Daewoo will release the sports car G2X Roadster, targeting the niche market. The model will be produced by GM’s German affiliate Opel and imported to Korea under the name of GM Daewoo.

Hyundai’s medium hatchback sedan codenamed FD and Kia’s slightly transformed Lotze [Optima] are also due out next year.

Imports [to Korea]

Honda will launch a new Civic for somewhere around $25000. The model has an engine of 1,800cc-2,000cc, a similar size to the Hyundai Avante. Daimler Chrysler will introduce the Dodge Caliber, a crossover sedan-minivan-SUV. It will also cost some $25,000. Volvo will release the small hatchback model C30 for some W30 million, targeting female drivers in their 30s. Ford Korea will import the$30,000-diesel model S-Max.

But importers will also bring in some luxury models. Audi will release the S8 and S6, the upgraded versions of the A8 and A6. BMW’s 335i and Mercedes Benz’ CLS 63AMG are also to be launched here. Toyota will unveil its hybrid GS450h and LS600h. In the diesel sector, BMW’s new X5, PeugeotÂ’s new 307 HDi and the Land Rover Discovery 3 will be introduced here.

A Korea Automobile Importers and Distributors Association official predicted sales of import cars will increase from 40,000 this year to 50,000 units next year, capturing 5 percent of the Korean market.