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Korean cars expand market share in China
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Korean cars accounted for nearly nine percent of the Chinese auto market last year,... the highest level ever.
Korea's auto giants like Hyundai Motor and Kia Motors have identified China as the next growth market and want to significantly boost their presence there.
Song Ji-sun reports. It's another busy day here at Pyeongtaek Port on Korea's west coast,... about a one-hour drive from the capital Seoul.
Less than a week after these cars were transported from their factories,... they're loaded here... to prepare for their journeys all over the world.
Automobiles bound for China are shipped out here in Pyongtaek, as it's the closest Korean port to China.
"Shipments to China are made about twice a month -- on board the same vessel with other cars en route to the Middle East. Around 60 drivers, who operate in groups, load between 3- to 5-thousand cars every two days on to this 35-thousand ton car carrier -- mostly overnight."
But not all Korean autos need to be shipped out.
Nearly 2-million are produced in China each year, and that has helped to boost the market share of Korean automakers in China.
Experts attribute the success... to the right mix of marketing and price, and launching vehicles specifically designed for the Chinese market.
But challenges remain.
Local government regulations in China is a concern,... as is competition with American and European automakers, who entered the Chinese market decades earlier.
"In line with Beijing's policies aimed at lowering carbon emissions, Korean automakers must develop green energy cars... and also focus on smaller, developing cities in suburban areas... to expand their target customers."
The Chinese auto market is expected grow by 15 percent this year... and the demand is expected to reach 35-million cars by 2020.
The goal of Korean automakers is a 10 percent share in the Chinese market...and to gain a better foothold, Hyundai Motors confirmed Wednesday that they will build their fourth local factory in China.
Kia Motors has already announced plans to construct its third plant there.
Song Ji-sun, Arirang News, Pyeongtaek.
Korea's auto giants like Hyundai Motor and Kia Motors have identified China as the next growth market and want to significantly boost their presence there.
Song Ji-sun reports. It's another busy day here at Pyeongtaek Port on Korea's west coast,... about a one-hour drive from the capital Seoul.
Less than a week after these cars were transported from their factories,... they're loaded here... to prepare for their journeys all over the world.
Automobiles bound for China are shipped out here in Pyongtaek, as it's the closest Korean port to China.
"Shipments to China are made about twice a month -- on board the same vessel with other cars en route to the Middle East. Around 60 drivers, who operate in groups, load between 3- to 5-thousand cars every two days on to this 35-thousand ton car carrier -- mostly overnight."
But not all Korean autos need to be shipped out.
Nearly 2-million are produced in China each year, and that has helped to boost the market share of Korean automakers in China.
Experts attribute the success... to the right mix of marketing and price, and launching vehicles specifically designed for the Chinese market.
But challenges remain.
Local government regulations in China is a concern,... as is competition with American and European automakers, who entered the Chinese market decades earlier.
"In line with Beijing's policies aimed at lowering carbon emissions, Korean automakers must develop green energy cars... and also focus on smaller, developing cities in suburban areas... to expand their target customers."
The Chinese auto market is expected grow by 15 percent this year... and the demand is expected to reach 35-million cars by 2020.
The goal of Korean automakers is a 10 percent share in the Chinese market...and to gain a better foothold, Hyundai Motors confirmed Wednesday that they will build their fourth local factory in China.
Kia Motors has already announced plans to construct its third plant there.
Song Ji-sun, Arirang News, Pyeongtaek.