Toyota Motor Corp. said that it plans to start increase U.S. shipments to South Korea by sending 6,000 U.S.-built Camry to the country there annually. The move comes as Toyota battles a soaring yen that is blocking exports from Japan.
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The first Kentuck-built Camry sedans will arrive in South Korean next month, Toyota said in a statement. The automaker is also sending the Sienna minivan to South Korean, which is built in Indiana. Exports of the Sienna will start in November.
“Because of a more favorable dollar-won exchange rate compared with the yen-won rate, Japanese carmakers can shift sourcing to the United States, allowing them to lower their prices in Korea,” said Christian Yang, an analyst at consultant IHS Automotive. “Japanese imports look to gain market share through more aggressive pricing against domestic competitors.”
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– By: Omar Rana
Source: Automotive News