Toyota launches sales of Camry, Prius in S. Korea

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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 of the local market.
Toyota, which entered the Korean market with its Lexus brand in 2000, launched
sales of the Camry mid-size sedan, the Camry hybrid, the Prius hybrid and the
RAV4 sport-utility vehicle.
The Japanese carmaker aims to sell 1,000 units of its Toyota brand models per
month, according to the company's Korean unit.
Toyota's best-selling Camry was priced at 34.9 million won (US$29,898), compared
with 33.6 million won for Hyundai's latest Grandeur sedan.
"We decided to add the Toyota brand here to meet diversifying consumer demand,"
Toyota's Executive Vice President Yukitoshi Funo told reporters at a launching
ceremony in Seoul.
Battered by the global economic slump, Toyota posted huge losses for its 2008
fiscal year, and Funo expected another losses for 2009.
"It's a fact that Toyota is now in a difficult situation," Funo said, "But we are
working hard to return to the black next year."
To increase sales, Toyota is focusing on the North American market and emerging
markets such as India and China, he said.
The launch of the Toyota brand in South Korea comes as the nation's market for
imported cars is shrinking amid weak consumption.
In the first nine months of this year, sales of imported cars in South Korea fell
15.4 percent from a year ago to 42,645 units, according to industry data.
Also Tuesday, the Ministry of Knowledge Economy, which oversees the nation's auto
industry, said Toyota's hybrid models are eligible for tax benefits.
To encourage consumers to buy hybrid cars, South Korea has cut consumption and
other taxes by as much as 3.1 million won for those who purchase eco-friendly
vehicles.
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