Toyota Brand Enters South Korean Market, Home Turf of Hyundai and Kia
As strange as it may sound, Toyota's namesake brand was absent from the South Korean market, home of its international rival, the Hyundai / Kia Group. While the world's largest automaker has been active in South Korea since 2000 when it established a local arm and began selling the luxury Lexus brand the following year, up until now, it had not attempted to sell its Toyota branded vehicles in a country where Hyundai and affiliate Kia control over 70 percent of the market.The Japanese company said that sales of the Toyota-brand vehicles began today in South Korea at five new dealerships in the country, including three in Seoul. For the time being, Toyota will sell four different models in Hyundai's most profitable market including the Prius gasoline-electric hybrid, the Camry and Camry Hybrid midsize sedans and the RAV4 compact SUV.
Toyota said that it has set an initial combined monthly sales target of 500 vehicles, aiming to increase that number to a still-modest 700 units beginning in 2010.
At a press conference today in Seoul, Toyota Motor Company Executive Vice President Yukitoshi Funo said: "The introduction of the Toyota brand into South Korea is aimed to meet the diversifying needs of consumers in this growing market. We intend to make every effort to contribute to South Korean society and earn a loyal following."
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