General Motors has announced plans to achieve a 10 percent market share in South Korea through releasing and promoting new vehicles and adding additional Cadillac and Chevrolet dealerships.
GM Korea outlined the plans at the official South Korean unveiling of the 2014 CTS mid-size sedan, held at the Hyatt Regency Incheon Hotel in the nation’s capital, Seoul. GM Korea is looking to also grow in the luxury market with the introduction of this award-winning four-door.
The automaker has seen some hardships in South Korea as of late. The country was responsible for exporting models to Europe, but GM’s decision to pull Chevy out of the market left its Korean arm with excess units. Additionally, rising labor costs and an increasingly valuable Korean currency have put a damper on its profits.
GM Korea CEO Sergio Rocha is confident in the market’s strength, however. Last year, GM Korea sold 151,040 units, including imported vehicles, totaling a market share of 9.8 percent. This is an increase of 0.3 percent from 2012 and more importantly, its best performance to date.
“I have zero intent of losing volume, share or profitability,” Rocha told Automotive News. “GM Korea is moving in the right direction.”