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March 29, 2024

China’s BAIC Yinxiang hits 1,000 car sales in Korea

PUBLISHED : July 24, 2017 - 15:46

UPDATED : July 24, 2017 - 15:46

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[THE INVESTOR] Chinese carmaker BAIC Yinxiang has sold 1,000 vehicles in Korea since its debut last year, appealing to customers with its cheaper price tag. 

BAIC Yinxiang, the export arm of BAIC Group, was able to hit the number thanks to the popularity of Kenbo 600 SUV that was launched in January, according to Zhonghan Automotive, the local importer. The Chinese carmaker has released three cars in Korea, including CK minivan and CK mini truck last year and Kenbo 600 SUV. 

Encouraged by the success, it is planning to release a compact SUV this year and an EV next year. 


Kenbo 600



“We will do our best to secure a lineup of cars give buyers choice, as well as secure financing program,” said Lee Kang-su, CEO of Zhonghan Automotive. 

The price of gasoline Kenbo 600 ranges from 19.99 million won (US$17,932) to 20.99 million won, about 10 million won cheaper than Hyundai Motor’s Santa Fe and Renault Samsung Motor’s QM6. 

Chinese-made vehicles are accelerating expansion in Korea, a stark contrast to local carmakers who are struggling in China due to diplomatic tension over the US-led THAAD missile system. 

According to Korea Automobile Manufacturers Association, 1,266 Chinese imported cars were sold in the country this year as of May, up 35 percent on-year from 943 vehicles. If the trend continues, Chinese cars will exceed 3,000 units this year. 

Industry watchers project the number to increase to 5,000 units next year as more Chinese automakers are gearing up to tap the Korean market, to become a major importer after Germany, Japan, US and UK. 

China’s BYD, the world’s largest EV maker, entered Korea last year with plans to launch an electric bus in the market this year.
 
BAIC Motor is also planning to release an electric bus and truck this year, followed by an electric sedan with a range that stretches up to 390 kilometers next year.

By Ahn Sung-mi (sahn@heraldcorp.com)

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