Porsche Opens Seoul HQ Tower

Seoul July 13, 2005; Kim So-hyun writing for the Korea Hearald reported thatGerman high-end car marque Porsche plans to sell 135 vehicles here this year, the new president of its local unit said yesterday, on the eve of the opening of Porsche Tower in southern Seoul.

The official Porsche importer and distributor will move into the new building.

Michael Vetter, former sales manager of Porsche Asia Pacific was named president.

The establishment of Stuttgart Sports Cars this month was encouraged by the high potential of Korea's sports car market, which has been growing fast, Porsche said.

Hansung Motor Co., ex-distributor of Porsche cars, sold 66 units of the premium brand in the six months to June, 99 units last year and 80 in 2003.

In May, Porsche set a montly record with 16 units. The Korean sports car market is expected to grow even further, said Porsche.

The bestselling Porsche model is the Cayenne, a hybrid of sport-utility vehicle and sports car priced up to 187 million won.

Other Porsche models on sale in Korea are the relatively less expensive two-passenger New Boxter, priced between 85 million and 98.5 million won, and the flagship 911 sports car that costs up to 250 million won.

As for the 880-million-won super sports car Carrera Grand Touring, which is on limited sale of some 50 cars worldwide, all the three units allotted for the Korean market in the three years to 2006 have already been sold to some businessmen.

Italian competitor Maserati, sold between 177 and 200 million won, sold 18 cars in the six months to June.

Stuttgart Sports Cars Ltd. opened its new Porsche Centre Seoul showroom at the end of May.

It opened a new importer office at the Porsche Tower, the newly set up building in Daechi-dong, the emerging mecca of imported automobiles.

The first and second floors of the seven-story building are used as showrooms with a Porsche accessories boutique and a fitting lounge where customers can pick different options and colors. Preowned cars approved by Porsche will be showcased and sold on the second floor as well.