Italy’s Fiat on Tuesday announced its reentry into the Korean market after a decade-long hiatus. And the first car to hit, of course, is the iconic mini car Fiat 500.

“The wait has been too long,” said Pablo Rosso, the Korean president of Fiat-Chrysler APAC, as he opened the launching event at a Seoul hotel. “We offer a unique combination of Italian style, practical and emotional products.”

The 113-year-old carmaker based in Turin, Italy, had to withdraw from the Korean market when its local manufacturing partner Kia Motors went bankrupt during the 1997-98 financial crisis. 

After fine-tuning the reentry plan over the last three years, Fiat launched three flagship models on the same day ― the Fiat 500, the 500 C with a soft top and the compact sport utility vehicle Freemont.

“Compared to a decade ago, Korea’s import car market has grown drastically and our mini cars are equipped with price competitiveness now,” said David Kim, Fiat’s sales chief in Korea.

He added that all Fiat vehicles to be marketed in Korea were produced in Mexico, with more models awaiting Korean launches in the coming months.

The Fiat 500 is powered by a 1.4-liter Multiair turbo engine with an engine capacity of 1,368 cc. The car offers a fuel efficiency of 12.4 kilometers per liter.

The price tag for the Fiat 500 ranges from 26.9 million to 29.9 million won ($24,800-$27,500) depending on specs, about 15 percent cheaper than its competitor Mini Cooper, a top-seller model that sold 5,927 units last year.

Declining to offer specific numbers on sales targets and competition with Mini vehicles, Rosso said: “This year would be a year for consolidating our brand.”

By Lee Ji-yoon (jylee@heraldcorp.com)