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Toyota enters Korea market
Toyota enters Korea, threatens Hyundai’s market hold
Posted Tuesday, Oct 20, 2009, 3:58 pm in Employee News
Toyota Motor Corp., the world’s biggest automaker, began sales of its namesake brand in South Korea, challenging Hyundai Motor Co. and affiliate Kia Motors Corp. in a country where they have a 72 percent market share, Bloomberg reported.
Toyota will sell Camry sedans, Camry hybrids, Prius hybrids and RAV4 sport-utility vehicles, the Japanese company said today the news service said. The carmaker has been selling its luxury Lexus brand in the country since 2001, the story said.
Toyota’s entrance into Korea, Hyundai’s most profitable market, may distract the Seoul-based automaker in the U.S., where it has won market share helped by promotions and a weaker won, the publication said. Hyundai faces increasing competition at home as Korea eases trade restrictions and automakers such as Toyota look for new markets to offset plunging sales in the U.S., Europe and Japan, the story said.(Bloomberg)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
Fully-Equipped w/all factory options
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