Toyora has no plans to set up car production plants in South Korea or to export volume-produced models to the country, honorary chairman Shoichiro Toyota said at a press conference, according to the news agency Asia Pulse.

The reverse scenario - inexpensive, well-built Korean cars flooding Japan's market - was more likely, Toyota said.

At a press conference held in Seoul, Toyota said his company has sold 90 Lexus cars since it entered the South Korean auto market last month.

Asked about long-term plans, he said his company will focus on sales of luxury Lexus models because mass-produced cars such as the Camry and Corolla could not compete with Korean rivals.

He credited Korea for opening its market up to Japanese vehicle imports and said he had thought about setting up car plants there.

But Korean automakers are too competitive to make the venture pay.


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