I immigrated to Canada 7 years ago with my parents from South Korea. During my years in South Korea, I clearly remember that import cars were second to scarce. I would regularly pass by residential parking lots labelled "No Import Cars". Patriotism, perhaps? 7 years later, the scenario is completely different. Import cars are rapidly becoming cheaper and alongside premium makes such as BMW and Mercedes-Benz, mainstream automakers like Honda and Ford have stepped onto the scene. The import plague is likely to continue as by 2009, Toyota and Nissan will be entering the South Korean market as well. In other words, it means the Japanese Big 3 has finally landed on Korean soil.
Nissan Korea has announced its plans to commence sales in the coming October. The initial models at launch are the Altima, Rogue, and Murano. Toyota, the automaker holding the crown in the Land of the Rising Sun, is slated to enter the market by 2009 - with the Camry and RAV4. This seems awfully similar to Honda's initial line-up in South Korea, which consisted of the Accord and CR-V. Both models have seen demanding sales, and the numbers prove that as the Honda CR-V is currently the best selling import car in the country.
This, in the view of consumers, is incredible news. The imminent threat of the strong selling Camry and Altima can possibly equate to lower prices for the Hyundai Sonata. The Sonata still holds the monopoly in the mid-size market, and the high local pricing has sparked criticisms for years. Will this announcement mark the demise of that domestic domination? 7 years ago, that would be a definite no. Today, however, that might as well change.
[Source: Joongang Ilbo]
Sunday, March 30, 2008
Beware Hyundai: Nissan and Toyota entering South Korea by 2009
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