Mitsubishi Motors eyes 10 pct of Korean market for imported cars

SEOUL, Sept. 22 (Yonhap) -- Mitsubishi Motors Corp., Japan's No. 4 carmaker, aims to grab a 10 percent share of the South Korean market for imported cars within five years, the company said Monday.

Starting this week, Mitsubishi began selling its Lancer Evolution sedan and
Outlander sport-utility vehicle in Seoul and other major cities through a joint
venture with a local auto distributor Daewoo Motor Sales Corp., making it the
fourth Japanese automaker entered in South Korea.
Mitsubishi "targets capturing 10 percent of the market for imported cars within
five years by gradually introducing new models," the company said in a statement.

The entry of Mitsubishi to South Korea reflected the fast-growing demand for
imported vehicles here, especially for Japanese brands.
Out of some 20 foreign brands available on the Korean market, three Japanese
automakers -- Toyota Motor Corp., Honda Motor Co. and Nissan Motor Co -- control
33 percent of the market with a combined 17,633 units sold last year.
The figure represents a six-fold rise from sales of 2,968 cars in 2002. In
addition, the top 10 sales list of foreign brands included six Japanese models
with Honda's mid-range CR-V SUV topping the list.
South Korea's imported vehicle sales are likely to rise 20 percent to more than
60,000 units in 2008, according to the Korea Automobile Importers & Distributors
Association.
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