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(7.21)Econ Review

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저작자 미상 (저작물 2267374 건)

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2009-07-21

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요약정보

The global economic downturn has affected a wide array of markets and industries.
From the financial industry to the tech industry‚ a spectrum of producers and consumers has to cope with harsh times.
The automobile industry is no stranger to the recession as well.
Here in Korea‚ despite sagging exports of Korean made cars‚ domestic consumption has picked up to last year's numbers with the help of tax breaks when replacing aged vehicles.
But‚ a new trend has emerged in terms of the type of cars that consumers are choosing.
Car buyers usually preferred larger sized vehicles with bigger engine displacement as size was usually associated with luxury.
That trend seems to be changing‚ looking at recent figures.
Consumers are favoring smaller yet high quality cars.
In the first half of this year‚ sales of small to midsized cars produced in Korea jumped more than 6 percent compared to the same period last year.
Breaking down the sale of import cars in the country‚ the new trend is even more evident.
Sales of vehicles from overseas with engine displacement of less than 2000 cubic centimeters surged almost 9 percent while sales of cars with larger engines dropped some ten percent in the first six months of 2009 compared to 2008.
Industry watchers attribute this changed consumer preference to the prolonged economic slump and rising gasoline prices‚ which led to increasing demand in fuel efficient cars.
[Interview : Kang Chul-koo‚ Executive Director
Korea Automobile Manufacturers Association] "Sales of small and mid-sized cars greatly increased in the first half of the year. This is beacuse consumers want better gas mileage due to the recession. Smaller cars consume less fuel and costs less to maintain."
One domestic car producer is reaping the benefits of such a shift in purchase behavior.
[Interview : Frederic Artaud‚ Executive Marketing Director
Renault Samsung Motors] "We opened orders mid-June for deliveries for mid-July and so far we have more than 13-thousand orders on new SM3 which is extremely high."
This and other similar size vehicles currently boast a waiting period of over a month from the date of purchase.
The automaker says it has taken into account the customer needs in the development process of its latest compact sedan.
Consumers want fuel efficient cars‚ but they want more than that.
Cars need to be roomy and comfortable as well equipped with the latest available technology usually reserved for bigger more expensive models.
[Interview : Frederic Artaud‚ Executive Marketing Director
Renault Samsung Motors] "Fuel efficiency is extremely important especially in this economic slump. We achieved first grade fuel efficiency on new SM3‚ which means 15 kilometers per liter which is very good especially for a car with this size. Even if it is sub-mid again customers want high level of equipment. We introduced for the first time in the segment of sub-mid some upgraded equipments like driver power seats‚ like intelligent key with magic sensor."
Analysts expect strong sales of smaller cars to continue.
The Korean auto industry's strong suit has always been producing high quality small-sized vehicles.
So a gloden opportunity exists for the car industry in the midst of this ailing economy.
Well‚ that makes me want to visit the local dealer.
[Reporter : Kim] Consumers will have an even wider range of new cars to choose from in the second half of the year.
More than 30 different new models are expected to be launched in Korea over the next few months.
And the government's tax incentive program for hybrid vehicles has also started this month‚ which should give an added boost to environmentally conscious consumers.
Each buyer of hybrid cars that meet certain fuel efficiency standards will be eligible to receive a tax break of up to 3.1 million won or about 2‚500 US dollars.
Thank you Se-ok for that re

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