ID :
53274
Wed, 04/01/2009 - 09:42
Auther :
Shortlink :
https://www.oananews.org//node/53274
The shortlink copeid
GM, Chrysler shun Seoul Motor Show
SEOUL, April 1 (Yonhap) -- Beleaguered U.S. automakers General Motors Corp. and Chrysler LLC shunned this week's Seoul Motor Show, organizers said Wednesday, as the companies struggle with record losses and little sign of recovery in the global economy.
BMW AG, Nissan Motor Co., Porsche SE and seven other foreign automakers will also
be absent at the largest auto show in South Korea amid a tightening of company
budgets.
A total of 158 exhibitors will show off their vehicles at the biennial fair,
which opens Thursday in the city of Goyang, north of Seoul, a drop of 19 percent
from the last gathering. The number of cars on display plunged 58 percent to 149
vehicles.
The decline in participation underscores how automakers are cutting costs as
sales plunge.
"We have found difficulties in hosting companies in the face of the global
economic recession," said a senior official at the show's organizing committee.
Five carmakers in South Korea, led by Hyundai Motor Co. and its affiliate Kia
Motors Corp., as well as Toyota Motor Corp. and Honda Motor Co. are among the
exhibitors.
Despite the downbeat mood, the organizing committee expected the 10-day industry
fair to attract one million visitors and post export deals worth US$1.2 billion,
the official said.
One highlight at the show ill be the introduction of "green cars" by Hyundai and
Kia. Hyundai will unveil a hybrid version of its Avante compact-car for the first
time.
Kia will also show off its first hybrid car, featuring high-end lithium-ion
battery technology and a 1.6-liter gas-powered engine. Kia's Forte hybrid can run
17.2 kilometers per liter with 114 horsepower at its peak, the company said.
Neither Hyundai nor Kia currently sell commercial hybrid models but have been
stepping up efforts to bring hybrid cars to the market in response to high gas
prices and an increasing premium on fuel efficiency in the U.S.
In February, vehicle sales by South Korean automakers fell eight percent to
353,744 units as the global recession wilted demand for vehicles and domestic
consumption remained sluggish.
BMW AG, Nissan Motor Co., Porsche SE and seven other foreign automakers will also
be absent at the largest auto show in South Korea amid a tightening of company
budgets.
A total of 158 exhibitors will show off their vehicles at the biennial fair,
which opens Thursday in the city of Goyang, north of Seoul, a drop of 19 percent
from the last gathering. The number of cars on display plunged 58 percent to 149
vehicles.
The decline in participation underscores how automakers are cutting costs as
sales plunge.
"We have found difficulties in hosting companies in the face of the global
economic recession," said a senior official at the show's organizing committee.
Five carmakers in South Korea, led by Hyundai Motor Co. and its affiliate Kia
Motors Corp., as well as Toyota Motor Corp. and Honda Motor Co. are among the
exhibitors.
Despite the downbeat mood, the organizing committee expected the 10-day industry
fair to attract one million visitors and post export deals worth US$1.2 billion,
the official said.
One highlight at the show ill be the introduction of "green cars" by Hyundai and
Kia. Hyundai will unveil a hybrid version of its Avante compact-car for the first
time.
Kia will also show off its first hybrid car, featuring high-end lithium-ion
battery technology and a 1.6-liter gas-powered engine. Kia's Forte hybrid can run
17.2 kilometers per liter with 114 horsepower at its peak, the company said.
Neither Hyundai nor Kia currently sell commercial hybrid models but have been
stepping up efforts to bring hybrid cars to the market in response to high gas
prices and an increasing premium on fuel efficiency in the U.S.
In February, vehicle sales by South Korean automakers fell eight percent to
353,744 units as the global recession wilted demand for vehicles and domestic
consumption remained sluggish.
