KIA to show new concept KCV-III sports car at Sydney Show
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Image Gallery ( 2 images )September 14, 2004 There'll be a new place to look for a sports car at the Australian International Motor Show in Sydney (7-17 October 2004) with Kia, best known for its top selling family cars, revealing the KC-III, a sports car study that is set to join the Kia range.
Designed at Kia's Namyang R&D Centre, the KCV-III is a small coupe convertible that showcases the best-of-breed technologies and styling that Kia will be incorporating in its future line-up.
Designer Jae-Rim Lee says of the car, "We wanted to design a car that looked good on the road but also one that answered the basic needs of our customer. The car is intended as a multi-purpose vehicle and we built a great deal of versatility into the styling. Ultimately, the KCV -III is designed to put the fun back into motoring."
Aimed at customers aged between 20 and 30, the KCV-III plays very much to Kia's appeal to the Y-generation. Generation Y - young consumers born between 1977 and 1994 - is the successor to Generation X. In the U.S. market, these consumers account for 28% of the population - expected to reach 63 million consumers by 2010. Gen-Y consumers are expected to purchase 3.5 million cars per year in the U.S. by 2010, or 20 % of total industry sales, and 5 million cars annually by 2020.
Gen-Y buyers are price sensitive, but also style sensitive. They are attracted by edgy designs, but they rely on price advice from family and friends rather than from the Internet, the favoured tool of Generation X.
Low interest rates and resale value are less important - Gen-Y buyers want instant gratification, they discount future costs and are concerned more with being "cool" than being cautious. Peer recognition is a significant driving force in a buying decision. They are less loyal to domestic brands and prefer cars that reflect their individuality and are fun to drive.
Kia is already the most popular brand among Gen-Y buyers in the U.S. Some 16 per cent of Kia's buyers in the United States are Gen-Y - no doubt contributing to the fact that the average age of a Kia buyer is one of the lowest in the industry, at 41. A similar trend is expected in Australia.
By providing a model that will capture the imagination of these style-sensitive consumers, the KCV-III is intended to cement Kia's position as the brand of choice for the next generation of car buyers.
"The KCV-III is a dynamic, arresting car that is as much fun to look at as it is to drive," says Jae-Rim Lee.
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