Tuesday, February 19, 2008

Korea's High-end Sedan Market


Last week when I was in Korea, I braved the cold weather to visit a Hyundai showroom in downtown Seoul. My mission--check out the new Genesis. Now available in Korea, the car is quite impressive. Clean lines and a sharp look. Readers of this Blog and my two eBooks, know I follow and comment on Korea's drive upmarket. 


This Korea Times articles gives some more insights.

High-end Sedans
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 ($44,000-60,000), 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. [Equus is Korea's most expensive domestic car reaching $100,000.]

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 ($133,000+). German automaker Audi introduced a facelifted update of its A8 luxury sedan last week, lowering the price by more than W13 million.

2 comments:

  1. Karen2:55 PM

    I can't wait to see this car in person. definitely looking forward to its release here.

    ReplyDelete
  2. What was surprising when I visited the Seoul showroom was that several Koreans in their 20s were very interested in the Genesis.

    ReplyDelete