Chevrolet sales in South Korea increased 20 percent to 6,433 units in April 2019.
Individual model sales performance was as follows:
- Chevrolet Bolt EV sales increased 40.37 percent to 452 units
- The Bolt EV has seen particular commercial success in Korea
- Chevrolet Camaro sales increased 50 percent to 24 units
- Chevrolet Damas sales increased 16.85 percent to 326 units
- The Damas is a small van originally introduced by Daewoo, which GM subsequently bought in the late 1990s
- Chevrolet Equinox sales totaled 197 units
- Chevrolet Impala sales decreased 41.82 percent to 64 units
- Chevrolet Labo sales decreased 14.63 percent to 321 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 99.83 percent to 1,151 units
- Chevrolet Spark sales increased 28.53 percent to 2,838 units
- Chevrolet Trax sales increased 120.67 percent to 1,057 units
- Chevrolet Volt sales decreased 100 percent to 0 units
- The model was discontinued earlier this year globally
- The Chevrolet Aveo, Cruze, Orlando, and Captiva were discontinued in South Korea
During the first four months of 2019 calendar year, Chevrolet Korea sales decreased nearly 9 percent to 23,083 units.
Sales Results - April 2019 - South Korea - Chevrolet
|MODEL||APR 2019 / APR 2018||APRIL 2019||APRIL 2018||YTD 2019 / YTD 2018||YTD 2019||YTD 2018|
The GM Authority Take
Chevrolet Korea sales declined 36 percent during the complete 2018 calendar year. We attributed that colossal drop to a negative perception of GM/Chevrolet in the market caused by the automaker’s massive restructuring in the region, 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.
But now, the Bow Tie brand seems to have turned a corner and is experiencing an upward sales trend. That trend started in March and amplified in April. The upward swing is great news, as it finally puts a horrible 2018 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 April 2018 sales, except when noted
- South Korea sales figures reflect actual vehicle registrations rather than wholesales