Toyota May Import Cars from Europe to South Korea

Toyota Korea is "studying" the possibility of bringing in products from Europe, Tommy H Nakabayashi, president and CEO of Toyota Motor Korea, told reporters on Tuesday, without elaborating.

Toyota has a meager presence in South Korea, which is dominated by local rivals Hyundai and Kia, but Nakabayashi said it aimed to boost local sales by 160 % to 13,000 vehicles this year, and Lexus sales by 90 % to 8,000 vehicles.

Toyota on Tuesday launched three new Prius models in South Korea.

The strong yen and South Korea's bilateral trade deals with United States and Europe are making exports from Japan relatively less cost-competitive and prompting carmakers to consider alternative sources.

Toyota has already started to sell US-made Camry sedans and Sienna minivans in South Korea, and Honda's CEO said in November that the automaker was considering importing cars into South Korea from the United States instead of Japan.