SEOUL, KOREA - Toyota Korea announced on January 2 that it has lowered the prices of its U.S.-made vehicles by 200,000 won to 1,300,000 won depending on model, reflecting the reduction in the tariffs due to the Korea-U.S. Free Trade Agreement.
Accordingly,the excise tax on Lexus and other Toyota models with an engine displacement of over 2.0 liters are lowered from current 7 percent to 6 percent, leading to a decline in the prices of major models.
For example, the price of GS 350, the flagship Lexus model, fell by 500,000 won,while those for ES 350 and ES 300h fell each by 400,000 won. The price of IS 250(Supreme) also fell by 300,000 won. The price of the highest-class sedan LS600hL (Executive 4-seater) whose retail price is over 100 million won, is reduced by 1.3 million won.