Kia releases new hatchback to meet fuel-efficient car demand

SEOUL, Sept. 22 (Yonhap) -- Kia Motors Co., South Korea's No. 2 automaker, launched its latest small-sized hatchback vehicle on Monday to meet the growing demand for fuel-efficient mini cars.

The company launched the model, dubbed "Soul," at a press event in Seoul. Kia
aims to sell a total of 18,000 units at home and abroad by the end of the year,
the company said in a statement.
Soul will be equipped with three engine types, including a 1.6-liter gasoline and
a 1.6-liter diesel type.
"Kia will take the lead in the crossover vehicle market at home and abroad," said
the Seoul-based company, stating that it will begin shipments to the U.S. and
Europe in the first half of 2009.
The carmaker has revamped its lineup by redesigning its Morning mini model and
mid-sized sedan, Lotze, to raise profitability as the local demand for
fuel-efficient cars has hit a nine-year high this year amid soaring energy costs,
according to industry reports.
Kia also hired a former Volkswagen designer, Peter Schreyer, in efforts to appeal
to more design-conscious consumers.
Shares of Kia closed up 1.47 percent at 13,700 won on the Seoul bourse on Monday.