Mitsubishi Motors Corporation announces that, as one of the key elements of its strategy for the Asian region in fiscal 2008, it is to enter the built-up car sales business in Korea working through its sole distributor in that country MMSK Corporation (see profile below).

MMSK is a Japanese/Korean joint venture recently set up by Daewoo Motor Sales Corp., Incheon, Seoul Metropolitan City, Korea; President and CEO, Lee Dong-Ho), Mitsubishi Corporation (Chiyoda-ku, Tokyo; president and CEO, Yorihiko Kojima) and Mitsubishi Corporation (Korea) Ltd. (Seoul, Metropolitan City, Korea; president and CEO, Tsutomu Awaya). MMSK will work to grow and develop MMC’s distribution, sales and after-sales servicing businesses in Korea.

Starting in October 2008 MMSK plans to phase the introduction of MMC’s Lancer Evolution high-performance 4WD sedan, Outlander mid-size SUV, Eclipse sports coupe, Lancer sports sedan and Pajero all-round SUV models onto the Korean market. MMSK aims to sell 400 units in the first year and increase volume to 3,000 units by 2010.

The phased introduction of MMC’s best-selling models into Korea where the imported car market is currently growing very rapidly will allow MMC to establish and boost penetration of the Mitsubishi brand with its products meeting the needs of a wide spectrum of customers. Source: Mitsubishi Motors Corporation

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South Korea’s Kumho Tire said that it has started construction work on its $165 million tire plant in American state of Georgia. The factory will have an initial annual production capacity of 2.1 million tire plant in American state of Georgia. The factory will have an initial annual production capacity of 2.1 million tires by 2009, before ultimately expanding to 3.2 million units depending on market conditions, the company said. An additional investment, which will go into the second phase of the project, will boost the company’s total investment in the plant to about $225 million.

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Tokyo — TOYOTA MOTOR CORPORATION (TMC) announced today that it plans to launch the Toyota brand in South Korea in late 2009 through its local distributor Toyota Motor Korea Co., Ltd. (TMKR). The Prius gasoline-electric hybrid passenger vehicle, RAV4 small SUV and Camry midsize sedan, including a hybrid version, will comprise the lineup. The combined monthly sales target is initially set at 500 units, through five dealerships mainly located in Seoul. The sales figure is to be increased to 1,000 units shortly thereafter.

“In introducing the Toyota brand to South Korea, we intend to work hard to thoroughly implement our ‘customer-first’ policy so as to provide South Korean customers with high-quality products and services”, said TMC Chairman Fujio Cho, who unveiled the launch plans at a press conference in Seoul today.

TMC, which introduced the Lexus brand to South Korea through TMKR in January 2001, is introducing the Toyota brand to meet the diverse needs and growing environmental awareness of customers.

On this occasion, TMKR plans to carry out traffic safety activities under the name of Toyota brand, as part of its social contribution initiatives to fulfill its corporate social responsibility.

Source: TOYOTA MOTOR CORPORATION

South Korean autos became the number one sellers in Chile last year, retaking the lead from Japan, a local report said recently in Santiago.

The report by the National Automobile Association of Chile showed South Korean automakers selling 66,729 cars in 2007 or 29.3 percent of the local market.

Japanese companies sold 57,322 units for 25.2 percent of the total sold in the year.

The association said last year’s numbers marked the first time since 2001 that South Korean cars best Japanese rivals in the Chilean market.

The association said from 2004 to 2006, auto imports from South Korea rose 51.8 percent on average every year.

The FTA made South Korean cars to be significantly cheaper on the Chilean market, because importers do not have to pay import duties in Chile.

Hyundai recently launched its new rear-wheel drive Genesis luxury sedan, setting a goal of selling 55,000 of the vehicles this year.

Hyundai said in a statement it invested $533 million to develop the car over the past four years.

It sees the Genesis as a competitor to luxury models such as Lexus, BMW and Mercedes-Benz.

Hyundai aims to sell 35,000 of the cars at home and another 20,000 overseas in 2008.

It is targeting exports of 45,000 in 2009, the statement said.

Hyundai plans to begin shipping the high-end sedan to the U.S. in June and also plans to sell it in China during the first half of the year. It sells for $43,142 in South Korea.