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Chevrolet launches in South Korea
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SEOUL – Chevrolet, GM's largest global brand, has announced it will enter the South Korean market. Additionally, GM Daewoo announced that it will be changing its company name to GM Korea Co. by the end of the first quarter 2011.
"We are well positioned to bring one of the world's most iconic brands to Korea," said Mike Arcamone, President and CEO of GM Daewoo.
GM's market research indicates a very strong customer acceptance of the Chevrolet brand in South Korea. "This new growth opportunity will allow us to compete in brand new segments and offer our customers more choices than ever before, resulting in a strong future for our company, our employees and our sales agents," said Arcamone.
This year, GM will begin its most aggressive vehicle launch plan ever in South Korea and will have all-new product lineup with the introduction of eight new models. The new Chevrolet product portfolio includes the Chevrolet Camaro, Orlando, Aveo and Captiva.
"With the significant changes we are announcing today, our goal is to increase our domestic sales and market share, generate additional revenue, strengthen our relationship with our customers, create new jobs and expand our presence in Korea," said Arcamone.
GM's operations in South Korea have played a key role in designing, engineering and manufacturing a new range of mini, small and compact Chevrolet vehicles for world markets since 2004.
About Chevrolet
Chevrolet is General Motors' largest global brand with annual sales of about 4 million vehicles in more than 130 countries. It is the fourth biggest global car brand in terms of sales and also one of the fastest growing brands in the world. Chevrolet cars combine passion, bold design and practicality. They provide outstanding value for money. After re-launching the brand in Europe in 2005, Chevrolet more than doubled its sales to over 500,000 in 2008. In 2010, Chevrolet grew its market share in Europe to 2.5 percent, selling 477,194 cars. Chevrolet has a network of more than 2,700 dealers and service points in Europe. The Chevrolet line-up includes the Spark city car, the small Aveo, the compact four-door Cruze, the Captiva SUV and the legendary Corvette sports car. In 2011, Chevrolet is launching seven new cars: the all-new Orlando family van, the new Captiva SUV, the Corvette Grand Sport Coupé, the all-new five-door and four-door Aveo, the five-door Cruze, the Camaro coupé and convertible and the award-winning extended-range Volt electric car. Chevrolet's biggest markets in Europe are Russia, Italy, Germany, Spain, France and Turkey. Established in the U.S. by Swiss émigré Louis Chevrolet in 1911, the brand is celebrating its centenary in 2011. More information on Chevrolet can be found at http://www.chevroleteurope.com or http://media.chevroleteurope.com.
