Mitsubishi to Enter South Korean Auto Market

July 3, 2008
U.S. automakers could enter market soon if free-trade pact is approved.

Japan's Mitsubishi Motors said July 3 it will start selling vehicles in South Korea in late September to try to tap the growing market for imported cars.

Mitsubishi will sell its Outlander sport utility vehicle, Eclipse sports car, Lancer Evolution sedan and two other models, said Choi Jong-Yeol, chief executive of Mitsubishi Motors Sales Korea.

Sales of all imported cars jumped 31.7% from a year earlier to a record 53,390 in 2007, according to the Korea Automobile Importers and Distributors Association.

Last year foreign cars took up 5.13% of the domestic market compared with 4.15% in 2006.
The association predicts foreign car sales will reach 62,000 this year.

South Korea has also pledged to open up its auto market under a free-trade pact with the United States, which is awaiting legislative ratification.

Copyright Agence France-Presse, 2008

Popular Sponsored Recommendations

What Does Agility Look Like for Today's Auto Industry?

Dec. 4, 2023
Without modern technologies, enterprises aren't able to fully analyze the risks and respond to ongoing supply chain issues and semiconductor shortages.

Electric Vehicles Spark New Opportunities in the Automotive Industry

Dec. 4, 2023
Automakers have increased plans to produce Electric Vehicles to meet customer demand for low emissions. With this radical shift, new opportunities and challenges for the auto ...

The Ultimate Ecommerce Excellence Checklist

Oct. 2, 2023
Scaling ecommerce operations is no easy task when your business is moving fast. Assess your current ecommerce maturity level and set optimization priorities with this practical...

Machine Learning and Predictive Analytics Guidebook for Engineers

Sept. 27, 2023
Leverage Domain Expertise to Drive Optimization – Without Needing a Data Scientist.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!