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March 18, 2003

JAPAN: Honda plans to enter South Korean car market – report

Dow Jones reports that Honda has said that it plans to start selling cars in the South Korean market. Toyota already sells cars in South Korea and it is thought that Japanese brands now have wider market acceptance there.

By bcusack

Dow Jones reports that Honda has said that it plans to start selling cars in the South Korean market. Toyota already sells cars in South Korea and it is thought that Japanese brands now have wider market acceptance there.

However, Dow Jones said that a final decision on shipping cars to South Korea has yet to be taken. Japan’s number two carmaker already sells motorcycles in Korea.

The Dow Jones report also said that Honda will unveil its plans for the Korean market on March 25 in Seoul.

Dow Jones points out that the hosting of the soccer World Cup last June by South Korea and Japan and recent deregulation by South Korea of the import of Japanese products have helped improve consumer sentiment toward Japan among younger South Koreans.

Honda would also be helped by its presence in the two-wheeler market, an advantage that Honda has over its Japanese rivals.

In February, vehicle sales in South Korea rose 19.1% compared with a year earlier. Imports in Korea are growing, but still account for only about 1% of sales of new cars.

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