Ford to expand aggressively into South Korean market

Ford Motor Co. unveiled a plan to make an aggressive expansion push in the South Korean market. It aims to launch new luxury models and strengthen recognition of its brand image. Ford considers it an important opportunity to make more inroads into the South Korean market, offering best-ever products and services in the class for South Korean consumers. The Dearborn, Michigan-based automaker plans to widen its line-up in the country by rolling out six new models, including the Taurus, Mustang, Escape, Fusion and Focus diesel. All new models will be equipped with fuel-efficient engines ranging from Ecoboost to hybrid and diesel to meet local consumers’ demand for high fuel efficiency. Ford is lagging behind German carmakers with its market share in the country down to 3.8% from 8.1% in 2008. The carmaker sold 2,791 vehicles in South Korea this year; in an effort to enhance the recognition of its brand, Ford plans to triple investment into marketing activities, while spending KRW51 billion (US$45.7 million) this year to widen its dealership network in 2012. (August 31, 2012)