DAILY - UPDATED
Kia Morning to conquer Korean mini car market
Korean compact car market has been dominated by GM Daewoo’s Matiz since 2004 when Kia stopped manufacturing it’s Visto compact car.
Local consumers long favored larger sedans but recent record-high oil prices have reignited the popularity of compacts, since they consume less fuel and receive tax breaks in Korea.
Sales of GM Daewoo’s Matiz amounted to 48,487 units between January and November last year, up nearly 40 percent from a year earlier, while sales of the Morning (Picanto), soared to 28,500 units ( +36.2 percent ) during the same period.
Soon after the facelifted version of Morning mini car went on sale in Korea (January), Kia released it’s sales plans and an intention to conquer majority of Korean mini car market in 2008.
While the overall mini car market is expected to grow by 56% to 84,000 units, Kia hopes to capture about 60% of it. The company said in a statement that it is aiming for domestic sales of 50,000 units in 2008, up 75% compared to last year.
Related news: Six months waiting list for Kia Morning in Korea