[THE INVESTOR] Kia Motors said on Feb. 13 it will launch its all-new K3 compact later this month in the domestic market to boost its sales amid stiff competition from rivals.

The K3, the first full-change model in six years, comes with a 1.6-liter gasoline engine mated with a continuous variable transmission and has a rated fuel economy of 15.2 kilometers on a liter of fuel. The car’s starting price here is around 16 million won (US$15,000) with numbers going up, depending on features, the company said in a statement.

Kia unveiled the new K3, called the Forte and Cerato in overseas markets, at the 2018 North American International Auto Show in Detroit last month.

The compact sedan comes with a “dynamic exterior” design and useful features throughout the interior. It is also equipped with such safety features as front collision avoidance, blind-spot collision warning and driver attention warning systems, the statement said.

Kia has sold 2 million K3 units globally since its launch in 2012.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)