April 27, 2024

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[THE INVESTOR] Kia Motors on Feb. 27 launched the all-new K3 compact in the domestic market, with the aim of selling 150,000 units of the competitively priced model globally this year.

The new K3, a fully revamped model, is an important vehicle for Kia, as the company badly needs to boost sales in the United States and emerging markets this year after doing poorly in 2017.

The Korean automaker plans to launch the new K3 compact in the US market just before the start of the summer vacation season and then gradually enter other markets.

In 2019, Kia wants to sell 300,000 K3s in global markets -- 50,000 units locally and 250,000 abroad.      

The new K3 is mated with a 1.6-liter gasoline engine that sends power to an intelligent variable transmission and has a rated fuel economy of 15.2 kilometers per liter on 15 inch tires. Prices start at 16 million won (US$15,000) and go up to 22 million won depending on features.

IVT is a modified continuously variable transmission system developed by Kia and aimed at overcoming some drawbacks, such as sluggish response to throttle input, flaring engine revs and the “elastic-band feel” during acceleration that many drivers do not like.

The new model comes with a dynamic new exterior and useful features throughout the interior. The safety kit includes auto emergency braking within Kia‘s suite of Advanced Driver Assistance Systems, front collision avoidance, blind-spot warning, lane-keeping assist and seven air bags.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)