SEOUL (Dow Jones)--Renault Samsung Motors Corp. will launch a new sub midsize sedan in July to shore up its product lineup, with an aim to claim the biggest market share of South Korea’s sub midsize sedan market, the company said Sunday.

But the company didn’t specify the target year to achieve the goal.
Renault Samsung ranked second in the sub midsize sedan market in terms of market share in the first half of 2008 but it has since decreased due to new competition models from rivals, a company executive said.
Kia Motors Corp. and GM Daewoo Auto & Technology Co., the South Korean unit of General Motors Corp., launched the Forte sedan and the Lacetti Premiere sedan, respectively, in the second half of 2008.
Currently, Hyundai Motor Co. accounts for 35% to 40% of the domestic sub midsize sedan market, by selling about 5,500 units a month of its best-selling Avante model, he said.
Renault Samsung will sell the 1.6-liter New SM3 sedan - which will be initially exported to Asian countries due to low logistics costs - under the Renault brand. The specific timetable for shipment was not given.
The prices for its new sedan will be determined in early July, said Renault Samsung, which is 80% owned by Renault S.A.
The company aims to sell 100,000 units in the domestic market this year, down 2% from 101,981 units a year earlier. It sold 43,157 units in the January-May period.