Product Trends in Korea
- In Korea, the strong national currency and FTAs are increasing sales of imported automobiles. Meanwhile, carmakers in Korea are stepping up the launches of fuel-efficient models. The adoption of diesel engines which meet Euro 6, implemented in September 2015, is underway. In addition, there is rising demand for HEV models whose private purchase began to be subsidized in January 2015.
- Hyundai fully remodeled its core small sedan the Avante in September 2015 which combines a Euro 6-compliant 1.6L DE with a new seven-speed DCT. The Sonata and Tucson underwent full-model change in March 2014 and March 2015 respectively both fitted with 1.6L T-GDI engine and 1.7L DE, indicating an engine downsizing trend. Similarly, the fully-remodeled K5 and Sportage were released in July and September 2015 respectively both powered by 1.6L T-GDI and 1.7L DE. Looking at eco-friendly models, Hyundai and Kia each plan to release their first exclusively HEV model in 2016. Moreover, PHEV and BEV versions of the same model are also intended to be launched in the future.
- GM Korea launched the fully-remodeled Spark in July 2015 which is aimed to increase share in the light automobile market (below 1.0L class). The Volt’s PHEV vesion is scheduled to be released in 2016. Renault-Samsung plans to launch its first MPV model, the Espace in 2016. Meanwhile, Ssangyong added the diesel engine version of the Tivoli small SUV in July 2015.
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