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.”
Comment
Sorry, but the information in this article does not have the slightest sense… On the one hand, reports that the market share of GM Korea increased by 0.3% last year to reach 9.8% and in the header says: “it is expected that performance will not stabilize”; up there all right… But the big detail is that in the first paragraph say that GM expects to reach a 10% share of the market and over a period of 10 years (according to the link). WTF? That is, in the next 10 years just expect to increase its share at 0.2% but “hopes his performance will not stabilize”?
You are ligating two different information and data… True, in 2013 GM Korea increased its couta slightly to 9.8% of the total market, but the goal of reaching 10% share has to do specifically with the “market imported luxury cars” (Cadillac), you yourself you published earlier this month (The first article suggested in the “You may also like…”).