Toyota plans to more than double its exports to South Korea to 20,700 vehicles this year, says The Nikkei [sub]. The cars come from places that used to be import nations for Toyota: The U.S. and Europe. After announcing plans to export U.S.-built cars to South Korea, Toyota now is looking to bringing made-in-Europe cars back to Asia.
The strong yen has made Japan-assembled cars uncompetitive in South Korea, whereas the relatively soft Euro makes imports from Europe interesting Toyota Korea Chief Tommy H. Nakabayashi told the Nikkei today.
The deals received extra energy from South Korea’s free-trade agreements with Europe and the U.S. The agreements will eliminate tariff barriers between the signatories. Toyota is expected to bring small diesel sedans from Europe, where they sell well.