Toyota Brand to Enter South Korea in 2009

Toyota Motor Corp will launch its flagship Toyota brand in South Korea in 2009 to benefit from the country's fast-growing import-car market, the Nikkan Kogyo industrial daily reported.

Japan's top automaker will likely concentrate on hybrid cars such as the Prius, to be sold initially through several dealerships to be run by group trading firm Toyota Tsusho Corp, the paper said.

A Toyota spokeswoman said the plan was under consideration and that nothing had been decided.

Toyota entered the South Korean market, dominated by local Hyundai Motor Co, in 2001 with the high-end Lexus brand. It is now the top-selling import marque, followed closely by BMW and Honda Motor Co.

Lexus's sales grew 13 percent to 6,581 cars in 2006, and by 18 percent in the first 10 months of this year. The total import car market is up 32 percent so far this year.

[source: Automotive News]