S. Korea's auto show to help boost demand, organizers say

GOYANG, South Korea, April 3 (Yonhap) -- South Korea's flagging auto industry is
expected to get a boost from the nation's largest auto industry fair, organizers
said Friday.

"The 2009 Seoul Motor Show will help contribute to the revitalization of the
Korean automotive industry and economy," said Hoh Moon, president of the
organizing committee for the biennial event.
During the event, organizers expected export deals worth US$1.2 billion to be
negotiated, Hoh said.
The event, which opens to the public Friday at a sprawling exhibition center in
the city of Goyang, north of Seoul, comes as the nation's automakers cut back on
working hours and idle some production lines to control rising inventories of
unsold vehicles.
As the global economic crisis wilted demand for new vehicles, sales of South
Korean automakers, led by Hyundai Motor Co. and its affiliate Kia Motors Corp.,
plunged 18.7 percent to 402,563 units.
The dour conditions are also evidenced by a notable absence of key foreign
automakers in the show, including beleaguered U.S. automakers General Motors
Corp. and Chrysler LLC.
BMW AG, Nissan Motor Co., Porsche SE and seven other foreign automakers have also
skipped the show amid a tightening of company budgets.
A total of 158 exhibitors will show off their vehicles at the fair, down 19
percent from the last gathering. The number of cars on display has plunged 58
percent to 149 vehicles.
One highlight of the show is the introduction of Hyundai and Kia's new "green
cars." Hyundai unveiled a hybrid version of its Avante compact-car for the first
time.
Kia also introduced 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 at a
peak of 17.2 kilometers per liter on 114 horsepower, the company said.
(END)