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Chevrolet Korea Sales Decrease 20 Percent To 8,280 Units In November 2018

Chevrolet sales in South Korea increased 20 percent to 8,280 units in November 2018.

Individual model sales performance was as follows:

In the first 11 months of 2018, Chevrolet Korea sales decreased 31 percent to 82,938 units.

Sales Results - November 2018 - South Korea - Chevrolet

MODELNOV 2018 / NOV 2017NOVEMBER 2018NOVEMBER 2017YTD 2018 / YTD 2017 YTD 2018YTD 2017
AVEO-89.33% 875-70.81%343 1,175
BOLT EV-96.34% 382+774.77%4,715 539
CAMARO-21.43% 2228-63.60%178 489
CAPTIVA-93.82% 11178-37.99%1,185 1,911
CRUZE-98.90% 9821-58.83%3,914 9,508
DAMAS-7.87% 351381-10.21%3,500 3,898
EQUINOX* 2450*1,292 0
IMPALA-17.22% 226273-63.14%1,222 3,315
LABO+7.55% 413384-9.25%3,638 4,009
MALIBU-24.93% 1,6532,202-50.33%15,235 30,673
ORLANDO-100.00% 0718-70.25%2,171 7,297
SPARK+4.18% 3,9653,806-18.79%34,616 42,626
TRAX-2.64% 1,3641,401-28.15%10,778 15,001
VOLT* 100+151.67%151 60
CHEVROLET TOTAL-19.99% 8,28010,349-31.17%82,938 120,501

2011-Chevrolet-Orlando-Korea

The GM Authority Take

In the beginning of May, General Motors announced a massive restructuring of its South Korea business unit. Prior to the restructuring announcement, rumors ran rampant that GM could bankrupt its Korean operations and leave the Korean market entirely. These developments appear to have caused a rather steep reduction in consumer confidence in the automaker as well as in Chevrolet, which is closely associated with General Motors in Korea. As such, we attribute the rather steep drop in South Korean Chevy sales in the first 11 months of 2018 to lower levels of consumer confidence in GM and Chevrolet.

In the last several months, Chevrolet Korea sales have been as follows:

2017 Chevrolet Malibu - Exterior - South Korea 018

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 November 2017 sales, except when noted
  • South Korea sales figures reflect actual vehicle registrations rather than wholesales

Further Reading & Sales Reporting

GM Authority Executive Editor with a passion for business strategy and fast cars.

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Comments

  1. It isn’t “Machete Mary” anymore. It is WRECKING BALL BARRA!

    The Obama holdover needs to go the way of Obama and fast…Americans like their overperforming economy and not the old GM failures.

    Reply
  2. Time to re-think about S Korea and close factories.

    Reply

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