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.