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BMW rules out direct investment in South
Korea
SEOUL - BMW will
concentrate its resources on further expanding into the
Asian market and the development of hydrogen-powered
premium models, its visiting chairman said on Monday.
Despite its strong commitment to Asia, however,
BMW is not interested in direct investment in South
Korea, Helmut Panke said, dismissing speculations that
the German auto maker may seek to take over Ssangyong
Motor Co, a struggling Korean car maker.
Chairman Panke said BMW aims to double its sales
in the rapidly growing Asian market within five years
through reinforced marketing efforts and investments. He
also revealed a plan to sharpen its competitiveness in
the premium auto segment and start the mass-production
of a hydrogen-powered seven-series sedan in four to five
years.
At present, the United States and Europe
are the biggest markets for BMW, but the Asian market is
rapidly growing, with sales in China soaring 50 percent
annually, he said during a stopover here on his way to
the Tokyo Motor Show.
Over the next five years,
BMW is to double its sales and investments in Asia, he
added. Asked about the German auto maker's plans for the
Korean market, the BMW chairman ruled out direct
investment, but expressed interest in expanding its
networking with South Korean producers of liquid crystal
displays, engine mounts and new automotive materials.
South Korea's automotive market is not yet big
enough to accommodate a BMW plant, Panke said, ruling
out the possibility of the Bavarian auto manufacturer
acquiring Ssangyong Motor and other direct investments.
In South Korea, BMW has firmly established
itself as the leader in the nation's import car market
and has increased its sales about 10 percent
year-on-year to 4,079 vehicles in the first nine months
of this year.
(Asia Pulse/Yonhap)
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