Dec 4th, 2007 by RJ Menezes
Toyota, one of Japan’s strongest automakers, is considering seriously entering the South Korean car market.
They plan on launching their flagship Toyota brand in South Korea in 2009 to benefit from the country’s fast-growing import-car market. These markets are important for Toyota as they are developing markets that the company can get a head start in dominating.
Japan’s top automaker will likely concentrate on hybrid cars such as the Prius, to be sold initially through several dealerships to be run by group trading firm Toyota Tsusho Corp.
Toyota entered the South Korean market, dominated by local Hyundai Motor Co, in 2001 with the high-end Lexus brand. It is now the top-selling import marque, followed closely by BMW and Honda Motor Co.
This bid to bring it’s more affordable cars to this country shows that Toyota is paying close attention to the rising middle class there.
Seems to make good business sense and as usual with anything Toyota does it will probably be a success.