Bang-sil, head of Stellantis Korea, said she aims to reclaim the imported-car "entry" position that Genesis, Hyundai Motor's premium brand, has encroached on. The plan is to launch competitively priced new Peugeot models at the lowest prices worldwide and highlight Jeep's identity as the "original sport utility vehicle (SUV)" to actively target consumers moving from domestic to imported cars.
At a New Year press briefing at the Stellantis Korea office in Gangnam-gu, Seoul, on the 22nd, Bang said, "There used to be quite a few entry brands among imported cars, but most of those options have been absorbed by Genesis," adding, "But it has been 10 years since Genesis debuted, and Peugeot has introduced models in the imported-car entry segment at good prices, so when considering Genesis, I hope you will also look at Peugeot."
The "good-priced model" Bang refers to is the mid-to-large SUV "All-New 5008 Smart Hybrid" that Peugeot will launch in Feb. It is a third-generation full-change model, with planning, design and production all carried out in France. The base trim, "Allure," is priced at 48.9 million won, the lowest in the world. It is up to about 30 million won cheaper than in France, the production site (65.91 million won, based on an exchange rate of 1 euro to 1,700 won), as well as the United Kingdom (74.47 million won) and Germany (79.75 million won).
Bang expects this price competitiveness to serve as a momentum for Peugeot's leap. "Renault Korea also recently launched the Filante, and the price gap is not as large as expected," she said. "Customers considering the Filante should also compare Peugeot." The Filante, a crossover model that combines a sedan and an SUV, starts at 43.32 million won.
Jeep's strategy is to highlight its identity as the "original SUV." Bang said, "We will spread the SUV image of 'freedom and adventure' through the (off-road model) Wrangler." Jeep is holding an 85th-anniversary event in the United States, launching a new limited-edition Wrangler every month for 12 months starting in Nov. last year, and plans to actively introduce models that match Korean consumer tastes. A facelifted model of Jeep's flagship SUV, the Grand Cherokee, will also be launched in the second half of this year.
Although electric vehicles accounted for nearly 30% of new imported-car sales in Korea last year, indicating rising market preference, it will likely take time before Stellantis Korea's EVs are launched. In Jeep's case, the EV strategy was completely revised after the launch of the Trump administration, making immediate introduction difficult. "Peugeot is electrifying in Europe, but EV models could exceed 100 million won when introduced in Korea," Bang said. "We are reviewing various options to prepare at prices that can sell."
Not immediately, but Stellantis Korea could also introduce the Chinese EV Leapmotor in Korea. Stellantis holds overseas distribution rights for Leapmotor. "As Chinese EV brands have been launching in Korea one after another recently, we are looking at Leapmotor, but it is still in the early study stage," Bang said. She added that the possibility of introducing light commercial vehicles (LCVs) from brands such as Peugeot or Fiat is also under review.
She offered a positive outlook for this year's performance. Last year, profitability was inevitably low due to rising costs from tariffs and a strong won-euro exchange rate. According to Stellantis Korea, when the won-euro exchange rate rises by 10 won, the price of the Wrangler increases by 500,000 won. The won-euro rate rose by about 200 won from the 1,500-won range in Jan. last year to the 1,700-won range in Dec. In addition, with Stellantis Korea managing inventory and dealers focusing on sales under a consignment sales system, the company had to shoulder the cost of slow-moving inventory.
"Korea had to absorb most of the expense from the exchange rate, but considering the strong won, last year's profitability was assessed as sound," Bang said. "This year, as we clear out old inventory and start fresh with new models, the structure can only improve, and if sales volume also recovers, a positive picture will emerge."
However, Stellantis Korea plans to focus more on customer satisfaction than on numbers such as sales volume this year. "As brand loyalty rises, it will help increase sales and improve profitability, creating a virtuous cycle of reinvesting in customer satisfaction," Bang said.