Toyota launches sales of Camry, Prius in S. Korea

By Kim Deok-hyun
SEOUL, Oct. 20 (Yonhap) -- Toyota Motor Corp., the world's largest carmaker,
began selling its flagship Toyota brand in South Korea Tuesday in a move some
analysts say could eat into Hyundai Motor Co.'s dominance in the local market.
Toyota, which currently only sells Lexus brand models here, launched sales of the
Camry mid-size sedan, the Camry hybrid, the Prius hybrid and the RAV4
sports-utility vehicle.
The Japanese carmaker aims to sell 1,000 units of the Toyota brand models per
month, according to the company's Korean unit.
Toyota's best-selling model Camry was priced at 34.9 million won (US$29,898),
compared with 33.6 million won for Hyundai's latest Grandeur sedan.
Toyota's launch, however, comes as the Japanese carmaker is grappling with a
strong yen and weak consumption in South Korea as the country heads for its first
recession in a decade, analysts say.
Meanwhile, the Ministry of Knowledge Economy, which oversees the nation's auto
industry, said on the same day that Toyota's hybrid models are eligible for tax
benefits.
To encourage consumers to buy hybrid cars, South Korea cuts consumption and other
taxes by as much as 3.1 million won for those who purchase eco-friendly vehicles.
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