Spotting small-sized foreign cars in the Korean streets will be more common this year as foreign car manufacturers are competing to debut their smaller models in different segments, targeting young Korean customers.
“Going smaller in every segment will be the buzzword in the foreign auto community this year,’’ an industry insider said.
BMW debuted the New Active Tourer,its minivan brand, in Korea last week. Audi launched a high-performance version of the A3, its smallest and cheapest sedan brand, on Tuesday, targeting the nation’s premium small sedan market.
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BMW’s Minis are displayed in front of a dealership in Seocho-dong, southern Seoul. (Yonhap) |
On the same day, French brand Peugeot cut the price of its small sport utility model Peugeot 2008 to 30.9 million won ($29,000) from the previous 31.5 million won, inclusive of taxes, in an effort to bite a bigger market share in the segment.
The heated competition for smaller cars among foreign car brands was anticipated as sales of smaller cars jumped last year, reflecting diversification of their customer base in Korea.
According to the Korea Automobile Importers & Distributors Association, sales of imported cars with an engine capacity smaller than 2,000 cc reached up to 54.7 percent of total foreign car sales last year.
“High-performance foreign small cars are appealing to young Koreans who long for a dynamic and fun driving experience rather than the size of the car,’’ a KAIDA official said.
A generation shift in the foreign car market has already taken shape. Industry sources said those their 30s became the largest age group to buy foreign cars last year, accounting for around 40 percent of all customers.
“Foreign car users will become younger as imported car brands will introduce new, smaller models at affordable prices in different segments and offer better after-sales service,’’ a source added.
By Seo Jee-yeon (
jyseo@heraldcorp.com)
