![]() ![]() The limited size and scope of Kia's venture will hardly register on the radars of the General Motors Corporation or even the smaller Japanese makers like the Mitsubishi Motors Corporation. The large investment raised expectations and stretched dealers' finances, causing many to fail or to drop out as soon as sales retreated from the swift pace of 1986-88. In addition to introducing the Excel before its quality problems were solved, Hyundai erred by insisting that dealers open separate showrooms. Warner said he comprehended, and therefore could avoid, Hyundai's pratfalls, since he was a top Hyundai executive until he quit in 1989. Warner summarized Hyundai's marketing philosophy as "Japanese cars at used-car prices." Mr. Gregory Warner, the executive vice president of Kia's American effort, said Kia's quality was "the same as Japanese" but at sticker prices 10 percent to 15 percent less than those of comparable models, like the Toyota Corolla. Warner exudes optimism: "The events of the past six months suggest we are building the foundations of a strong company." Though the recession has forced small foreign car makers like Sterling, Peugeot and most recently Daihatsu to bow out of the American market, Mr. Prices for the vehicles have not been set yet. Initially, the car maker wants to recruit about 50 dealers in the Pacific Northwest, the Gulf Coast and the East Coast by 1993, when the cars go on sale. Kia, which is South Korea's second-largest automobile maker, after Hyundai, plans to sell a subcompact car, tentatively named the Sephia, and a compact utility vehicle named the Sportage. The company's sales nose-dived, and Hyundai dealers quit in droves. ![]() Fairly or not, Kia's arrival will remind Americans of Hyundai, which drove onto the scene in 1986 with a low-price subcompact, the Excel.Īlthough Hyundai had a few years of unprecedented growth, independent tests and complaints by Excel owners indicated problems with quality and reliability. Nevertheless, Kia Motors of South Korea is coming to America, bearing new models and a strategy intended to lure entry-level buyers.Īnother Korean auto maker, Hyundai, has already tried such a strategy. On Thursday, China's CanSino Biologics reported "positive" interim results from clinical trials of an mRNA booster vaccine, the company said in an exchange filing last Thursday.Just about everybody believes that too many car brands are crowding the market, and some Americans are particularly vexed about Asian imports. ![]() "The Chinese people were able to hold out through the most dangerous time, and this fully proves the safety and efficacy of the vaccines.'Įven so, Chinese drugmakers are racing to produce mRNA vaccines against COVID-19. "China has administered 3.4 billion doses of COVID vaccines for its people, covering over 90% of its population," said Liu. Liu cited a University of Hong Kong study showing three doses of Sinova Biotech's CoronaVac were 97% effective against severe illness or death from COVID-19 in those 60 years old and above. Liu Pengyu, a spokesperson for the Chinese embassy in Washington DC, told reporters at a Friday briefing that China produces more than enough vaccines for its domestic market and that they are as effective as mRNA vaccines in preventing severe illness, according to a readout of the briefing the embassy sent to Insider, in response to a request for comment on the current outbreak in China. "China's vaccines and medical supplies are overall in adequate supply and the COVID situation is under control," Chinese foreign ministry spokesperson Mao Ning said at a scheduled press briefing on Friday. ![]() However, Chinese authorities have not approved any homegrown mRNA vaccines yet, and have rejected offers of such vaccines from the US, Bloomberg reported Saturday, citing US officials. China's racing to develop its own mRNA vaccinesĬhina - facing a deluge of new infections and suspected deaths - is ramping up vaccinations, particularly among the elderly, to get inoculated. "We are carefully monitoring the pandemic situation in China right now," the spokesperson said. That's because it's about China's "national pride," Anh said, per the FT.Īn SK Bioscience spokesperson told Insider the company currently isn't in discussions with the Chinese government about supplying vaccines to the country. And even though China's at the "heart of the pandemic" now and needs vaccines speedily, "dramatic talks" need to take place before the company would be able to supply the country. ![]()
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