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Chinese Carmakers Take Aim at South Korean Market
Chinese carmakers are pushing into the South Korean market with low prices and eye-catching marketing campaigns for their domestic brands.
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Chinese carmakers are pushing into the South Korean market with low prices and eye-catching marketing campaigns for their domestic brands.
The Seoul-based Chosun Ilbo notes that in February BAIC Motor Corp.’s flagship crossover, the Kenbo 600 (pictured), became the first Chinese passenger vehicle to go on sale in Korea. The car, which is base-priced at about 20 million won ($17,800), is at least 2 million won ($1,800) cheaper than a small Korean-made SUV.
BAIC tells Chosun Ilbo it is telling customers it will replace their vehicle if they have problems with it. The company says it plans to add a small SUV/crossover model in the second half of 2017.
Meanwhile, a subsidiary of Dongfeng Motor Corp. introduced a two-seat van and light-duty truck in Korea last month. And Chinese electric-car maker BYD Co. is preparing to begin sales in Korea later this year.
Analysts say still-modest sales volumes will surge over the next few years as the level of technology in Chinese cars, currently estimated at about 80% of domestic Korean models, will nearly match their rivals in five years.
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