Chevrolet sales in South Korea increased 20 percent to 8,280 units in November 2018.
Individual model sales performance was as follows:
- Chevrolet Aveo sales decreased 89.33 percent to 8 units
- The Aveo is sold as the Chevrolet Sonic in North America
- 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 decreased 96.34 percent to 3 units
- Chevrolet Camaro sales decreased 21.43 percent to 22 units
- Chevrolet Captiva sales decreased 93.82 percent to 11 units
- 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 decreased 98.9 percent to 9 units
- The model was discontinued earlier this year in Korea
- Chevrolet Damas sales decreased 7.87 percent to 351 units
- The Damas is a small van originally introduced by Daewoo, which GM subsequently bought in the late 1990s
- Chevrolet Equinox sales totaled 245 units
- Chevrolet Impala sales decreased 17.22 percent to 226 units
- Chevrolet Labo sales increased 7.55 percent to 413 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 decreased 24.93 percent to 1,653 units
- Chevrolet Orlando sales decreased 100 percent to 0 units
- The model was discontinued earlier this year in Korea
- Chevrolet Spark sales increased 4.18 percent to 3,965 units
- Chevrolet Trax sales decreased 2.64 percent to 1,364 units
- Chevrolet Volt sales totaled 10 units
In the first 11 months of 2018, Chevrolet Korea sales decreased 31 percent to 82,938 units.
Sales Results - November 2018 - South Korea - Chevrolet
MODEL | NOV 2018 / NOV 2017 | NOVEMBER 2018 | NOVEMBER 2017 | YTD 2018 / YTD 2017 | YTD 2018 | YTD 2017 |
---|---|---|---|---|---|---|
AVEO | -89.33% | 8 | 75 | -70.81% | 343 | 1,175 |
BOLT EV | -96.34% | 3 | 82 | +774.77% | 4,715 | 539 |
CAMARO | -21.43% | 22 | 28 | -63.60% | 178 | 489 |
CAPTIVA | -93.82% | 11 | 178 | -37.99% | 1,185 | 1,911 |
CRUZE | -98.90% | 9 | 821 | -58.83% | 3,914 | 9,508 |
DAMAS | -7.87% | 351 | 381 | -10.21% | 3,500 | 3,898 |
EQUINOX | * | 245 | 0 | * | 1,292 | 0 |
IMPALA | -17.22% | 226 | 273 | -63.14% | 1,222 | 3,315 |
LABO | +7.55% | 413 | 384 | -9.25% | 3,638 | 4,009 |
MALIBU | -24.93% | 1,653 | 2,202 | -50.33% | 15,235 | 30,673 |
ORLANDO | -100.00% | 0 | 718 | -70.25% | 2,171 | 7,297 |
SPARK | +4.18% | 3,965 | 3,806 | -18.79% | 34,616 | 42,626 |
TRAX | -2.64% | 1,364 | 1,401 | -28.15% | 10,778 | 15,001 |
VOLT | * | 10 | 0 | +151.67% | 151 | 60 |
CHEVROLET TOTAL | -19.99% | 8,280 | 10,349 | -31.17% | 82,938 | 120,501 |
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:
- October 2018: Chevrolet Korea sales increased 8.58 percent to 8,328 units
- September 2018: Chevrolet Korea sales decreased 17 percent to 7,433 units
- August 2018: Chevrolet Korea sales decreased 26 percent to 7,391 units
- July 2018: Chevrolet Korea sales decreased 17 percent to 9,000 units
- June 2018: Chevrolet Korea sales decreased 16 percent to 9,528 units
- May 2018: Chevrolet Korea sales decreased 35 percent to 7,670 units
- April 2018: Chevrolet Korea sales decreased 57 percent to 5,369 units
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 news
- Running GM sales results
- Running Chevrolet sales results
Comments
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.
Time to re-think about S Korea and close factories.