Honda Korea Co. is expanding its product lineup in order to increase sales, which have dropped by almost 70% compared to last year. The company has recently introduced two new models, the Pilot and CR-V SUVs, and plans to add the Accord sedan to its lineup next month. Previously, Honda Korea only sold two models, the Odyssey minivan and the CR-V SUV. By introducing these new models, Honda hopes to improve its sales in South Korea.
In contrast, Toyota Motor Korea Corp. has seen a 27% increase in sales during the same period, with its luxury brand Lexus more than doubling its sales. Japanese carmakers have struggled in Korea in recent years due to trade disputes between Seoul and Tokyo. Japan imposed export curbs on high-tech materials, which South Korea viewed as retaliation for court rulings ordering compensation for forced labor during Japan’s colonial rule.
To keep up with its competitors, Honda has launched an online platform for sales in South Korea. This online platform, which follows a “one-price policy” for transparency, has been successful for other carmakers. Imported and local brands, such as BMW, Mercedes-Benz, Hyundai, Renault, and GM, have also adopted online platforms to increase their market share in Korea.
Overall, Honda is making efforts to revive its sales in South Korea by expanding its product lineup and adopting online sales channels.
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