The Korea Herald reports that amid economic slowdown, the Korean vehicle makers are ‘expected to go all out in order to grab a larger portion of the shrinking domestic market’.

The newspaper says that domestic car sales are projected to reach 1.64 million units this year, according to the Korea Automobile Manufacturers Association (KAMA).

Unsurprisingly, each of the vehicle makers takes an optimistic view on its own prospects in the shrinking market. The report says that the combined domestic sales targets for the five largest car makers – Hyundai Motor, Kia Motors, GM Daewoo Auto & Technology, SsangYong Motor and Renault Samsung Motors – amounts to 1.8 million units.

The newspaper says that the difference could herald a year of fierce competition. Industry leaders Hyundai Motor and KIA Motors have set their combined domestic market share target at 80%. Hyundai Motor declared its intention to secure 50% of the local market by selling 820,000 cars, while Kia set its domestic sales target for this year at 500,000 units, or a market share of 30%.

The newspaper also reported remarks made by GM Daewoo President & CEO Nick Reilly at the weekend, when he said that ‘GM Daewoo will desperately seek to expand its sales, estimated at 150,000 units last year, to 210,000 units, this year, raising its share of the local passenger car market from 16% to 22%’.