Following Hyundai Motor’s earlier move to increase its presence in the Chinese car market by slashing prices, Kia Motors also reduced the retail price of its sports utility vehicle models in China.
Hyundai Motor and Kia Motors expect their combined market share in China’s car market to rise from the current 7-percent level back to a double-digit figure if they each release new Tucson and new K5 in September and October.
Kia Motors’ Chinese unit Dongfeng Yueda Kia slashed the price of the old Sportage models by 50,000 yuan (US$8,053) on August 7. The retail price of the Sportage in China, accordingly, fell by more than 30 percent to 109,800-146,800 yuan from 159,800-196,800 yuan.
Kia Motors also reduced the sales price of the Sportage R, which is also selling in Korea, by 20,000 yuan from 164,800 yuan to 144,800 yuan.
On August 5, Hyundai Motor’s Chinese unit Beijing Hyundai also cut the retail prices of the Santa Fe by 10,000-30,000 yuan, and Tucson by 20,000 yuan, respectively.
