Chevrolet Korea Sales Increased 2.36 Percent To 6,420 Units In March 2019

Chevrolet sales in South Korea increased 2.36 percent to 6,420 units in March 2019.

Individual model sales performance was as follows:

• Chevrolet Aveo sales decreased 94.44 percent to 2 units
  • The Aveo is sold as the Chevrolet Sonic in North America; the model was discontinued in Canada in January 2019
  • The Holden-badged Aveo produced by GM Korea and marketed as the Holden Barina in Australia and New Zealand was discontinued in September
• Chevrolet Bolt EV sales increased 12,900 percent to 650 units
• Chevrolet Camaro sales decreased 27.78 percent to 13 units
• Chevrolet Damas sales increased 2.81 percent to 293 units
  • The Damas is a small van originally introduced by Daewoo, which GM subsequently bought in the late 1990s
• Chevrolet Equinox sales totaled 150 units
• Chevrolet Impala sales decreased 62.33 percent to 55 units
• Chevrolet Labo sales increased 0.57 percent to 353 units
  • The Labo is a line of small vans and pickups introduced by Daewoo, which GM subsequently bought in the late 1990s
• Chevrolet Malibu sales increased 30.14 percent to 1,183 units
• Chevrolet Spark sales increased 6.27 percent to 2,676 units
• Chevrolet Trax sales increased 47.52 percent to 1,043 units
• Chevrolet Volt sales decreased 100 percent to 0 units
  • The model was discontinued earlier this year globally
• Chevrolet Captiva sales totaled 0 units
  • The model has been discontinued and fully replaced by the Chevrolet Equinox
  • The Captiva sold in South Korea is the extended-length model with three rows of seating on the Theta platform, which dates back to 2006; it is substantially different than the smaller Captiva Sport that was sold in the U.S. as the Saturn Vue or in Europe as the Opel Antara
• Chevrolet Cruze sales totaled 0 units
  • The model was discontinued earlier this year in Korea
• Chevrolet Orlando sales totaled 0 units
  • The model was discontinued earlier this year in Korea

During the first three months of 2019 calendar year, Chevrolet Korea sales decreased 16.42 percent to 16,650 units.

Sales Results - March 2019 - South Korea - Chevrolet

The GM Authority Take

Chevrolet Korea sales were in a free fall until March. In fact, sales fell 36 percent during the complete 2018 calendar year following a massive restructuring of General Motors Korea. We attributed that drop to a negative perception of GM/Chevrolet in the market caused by the restructuring, along with an incomplete vehicle lineup and less-than-competitive product offerings when compared to domestic champs, Hyundai and Kia. For instance, Chevy has discontinued the Cruze, Orlando and Aveo – models that were key for the brand in the region.

However, the upward swing in March is great news for the Bow Tie brand, as it finally puts issues surrounding the restructuring in the rearview mirror.

GM Korea Restructuring Details

The GM South Korea restructuring involves a $7 billion bailout of the unit (with GM providing $6.4 billion and the Korean Development Bank providing the remaining amount), along with the closure of the GM Gunsan plant and concessions by the local labor union to freeze wages. In addition to the bailout funds, GM will also invest $2 billion over the next 10 years and another $1.6 billion for corporate restructuring and operations. As announced previously, GM will also conduct a debt-to-equity swap totaling $2.2 billion. The move will save GM Korea $110 million in interest payments a year.

Finally, GM will set up a new headquarters office for its GM International division in Korea, as well as bring to market two new crossover utility vehicles and a new three-cylinder engine, with the automaker’s Korea-based vehicle development and manufacturing operations playing a key role in the initiatives.

About The Numbers

• All percent change figures compared to Chevrolet Korea March 2018 sales, except when noted
• South Korea sales figures reflect actual vehicle registrations rather than wholesales

Further Reading & Sales Reporting

• GM news
  • Chevrolet news
  • GM Korea news
• Running GM sales results
  • Running Chevrolet sales results