GM to use Chevrolet brand instead of GM Daewoo in S Korea
- Source: Xinhua
- [16:37 January 20 2011]
- Comments
GM Daewoo, a South Korean unit of General Motors Co. (GM), said on Thursday its cars will be rebranded under the Chevrolet nameplate in an effort to boost local sales.
The rebranding will also see the unit, GM Daewoo Auto & Technology Co., changing its name to GM Korea Company in the first quarter. The change is "a needed momentum to increase our sales and our share in the domestic market," Mike Arcamone, President and CEO of GM Daewoo, said at a news conference.
"My feelings are that we are keeping the heritage, because of the strong brand Daewoo used to be provided us foundations to build small, mini Chevrolet branded vehicles for export markets, and now we provide the same vehicles to our consumers in (South) Korea. We are keeping the heritage, we are evolving into a new company, that is why we are called GM Korea, because we are in (South) Korea, we are a big player in the domestic market as well as the export market," Arcamone said.
GM Daewoo will introduce the Chevrolet brand for all of its new models and facelift models this year, with the exception of only three commercial vehicles.
Under the Chevrolet brand, the company plans to launch eight new models this year, including the Chevrolet Camaro, the Chevrolet Orlando sport-utility vehicle and the Chevrolet Aveo small car.
Arcamone said the company targets a double-digit share in the domestic market this year, up from 8.1 percent last year. He said GM Daewoo posted a 20 percent rise in sales last year and expects a similar level of sales growth this year.
In 2002, GM took over Daewoo Motor Co., an affiliate of the defunct Daewoo Group. GM Daewoo is a manufacturing base for mini and small vehicles for the Detroit-based car maker.
