Toyota targets 10,000 sales in South Korea this year image

Toyota Motor Corporation aims to nearly double South Korea sales this year to 10,000 units (excluding Lexus), the company’s Korean subsidiary boss said on Wednesday.

Of the total estimated figure, 6,000 would be Camrys, nearly three times than the 2,020 units sold last year in South Korea. “We have lowered the price by up to KRW3 million ($2,630) but added more options to the new Camry to lift sales here,” Kim Sung-hwan, a spokesman for Toyota Korea, told Dow Jones Newswires.

The new Camry model destined for South Korea will be produced entirely in the United States, Toyota said in a statement. Earlier, a report said Toyota was considering shifting production of Camry models for South Korea to the United States from Japan to help lower export costs of the sedan.

The new Camry comes with a 2.5-liter gasoline engine or a 2.5-liter gasoline hybrid and costs KRW33.9 million or KRW42.9 million, respectively. The car went on sale in South Korea on Wednesday and is the second Toyota model imported from the U.S. since the Sienna minivan in November.

Toyota decided to sell U.S.-made cars in Korea because the strong yen makes Japanese-assembled versions uncompetitive and also reduces income from overseas markets when repatriated.