Toyota will import over 90% of the cars it sells in Korea from regions other than Japan because it wants to take advantages of Korea’s free trade agreements.
Korea in recent years signed FTAs with the European Union and the US and is negotiating with China. Toyota Korea president Hisao Nakabayashi told the Chosun Ilbo during the launch of the Lexus RX350: “For the next several years, nearly all Toyota cars sold in Korea will be manufactured in the US with exception of some very special models.
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“To supply our cars at satisfactory prices for Korean customers while the yen remains strong, we will bring in a maximum number of cars produced in the US, China and Europe. If the Korea-China FTA is signed, we plan to launch environment-friendly cars scheduled [Prius] to be manufactured in China.” Toyota hopes that these hybrid cars made in China will successfully target markets across Asia with high fuel efficiency and affordable prices.
Currently, Toyota Korea is bringing in the medium-sized Camry sedan and Siena minivan from the US to counter pressure from the strong yen and to take advantage of tariff exemptions. It also plans to import the US-made Venza medium-sized crossover, based on the Camry, to Korea market in September.
