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Kia Drops New Car Prices To Take On Used Imports

MEDIA INFORMATION

FEBRUARY 7, 2005

Kia Drops New Car Prices To Take On Used Imports

Kia has dramatically lowered the price of its new cars in New Zealand in a bid to woo buyers away from used Japanese imports and give new purchasers better value for money.

Prices of new Kia cars have dropped as much 20% as the Korean company signals its intention of becoming a serious player in this market.

The move comes just a few weeks after Kia assumed the importation and distribution of its vehicles in New Zealand and at a time when our currency is riding high.

“The high value of the New Zealand dollar, combined with the advantages of direct importation have given us enough leeway to make significant price reductions,” says John Keenan, General Manager of Kia Motors New Zealand Ltd.

“Kia has ambitions to grow this market and clearly there is potential to take sales away from used imports, which still outsell new cars in New Zealand. I believe our new pricing is attractive enough to persuade a number of buyers that it is better to buy a brand new car with a 5-year/100,000km warranty programme than a second-hand vehicle with an unknown history.”

The biggest price drop comes on Kia’s V6-powered, 7-seater people mover, the Carnival, which has been lowered to $32,995 from $39,995 – a reduction of $7000. At that price, the Carnival is expected to take on the 12,000 used imported 4-cylinder people movers that arrive here each year, as well as under-cutting its brand new competition. Carnival also has the advantage of a 5-star NHTSA safety rating.

Further down, the entry level Kia Rio has become especially attractive after dropping $3000 to $16,995, making it the best-priced new 1.5-litre family hatchback on the market and an attractive option against a 5-year-old used Japanese import.

Tradespeople and businesses also reap the benefit of Kia’s new pricing, with the popular Pregio 1-tonne diesel-powered delivery van reducing $3000 to $23,995 without air conditioning and to $25,995 including air.

“Unlike most of the other price deals at present, ours are not temporary and they are not aimed at getting rid of last year’s stock – they are 2005 models and the prices will stay as long as current trading conditions continue,” adds Mr Keenan.

Kia Motors Corporation (www.kiamotors.com) -- the fastest growing automaker in the world -- was founded in 1944 and is Korea’s oldest vehicle manufacturer. As part of the Hyundai-Kia Automotive Group, Kia aims to become one of the world’s premiere automotive brands. Kia’s 16 manufacturing and assembly operations in 13 countries produce more than 1.1 million vehicles a year sold and serviced through a network of distributors and dealers in 190 countries. Kia has 30,000 employees and annual revenues of US$14 billion. It is the major sponsor of the Australian Tennis Open and an official worldwide sponsor of the Davis Cup


ENDS

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