SOUTH KOREA'S KIA MOTORS LAUNCHES K7 SEDAN
KIMTY | Quote | Chart | News | PowerRating -- Kia Motors Corp. (KSE:000270),
South Korea's second-largest carmaker, launched Tuesday its K7
premium sedan, setting a global sales target of 40,000 vehicles
next year.
Equipped with either a 2.4-liter, 2.7-liter, or 3.5-liter
gasoline engine and six-speed automatic transmission, the K7
will be priced from 28.4 million won (US$24,550) to 41.3
million won in South Korea, Kia said in a statement.
"The K7 will open a new front in the premium sedan segment,"
said Kia Vice Chairman Jeong Seong-eun.
From next year, Kia will release the new model in the Middle
East, China and Africa. The sedan will be available for the
U.S. market from 2011.
In 2011, Kia aims to sell 65,000 units of the K7, including
40,000 units in South Korea, according to the statement.
Kia, an affiliate of Hyundai Motor Co. (KSE:004380), said it
spent 450 billion won to develop the sedan over the past five
years.
In the third quarter of this year, Kia' net profit surged to
402 billion won, helped by the South Korean currency's weakness
and efforts by governments worldwide to boost demand for new
cars.
(Yonhap)maz
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