GM Expects Business In South Korea To Grow In 2023
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During the recent official launch of the GMC brand in South Korea, GM reaffirmed its commitment to its South Korean operations and declared it expects its business in the Asian country to grow from 2023 onward.
The automaker hopes its South Korean operations will break even by the end of this year and expand starting next year. According to the automaker, the strategy is progressing as planned, based on the manufacturing start of next-generation crossovers to increase exports, in addition to the multi-brand push in the South Korean market.
“GM Korea is implementing the business normalization plan without any setbacks, and will expand exports through CUVs produced at the Changwon plant next year, as well as multi-brand strategies such as Chevrolet, Cadillac, and the newly introduced GMC,” said President and CEO of GM Korea, Roberto Rempel, in a statement. “Although challenging external business environment continues, we are doing our best to keep our promise to reach the break-even point this year and transform into a growth business from 2023,” he added.
To achieve that goal, GM’s South Korean subsidiary has revamped Chevrolet’s utility vehicle portfolio by introducing the new Chevy Tahoe as well as the refreshed Chevy Traverse and Chevy Equinox in the first half of the year, which will complement the locally built vehicle offering. According to South Korean customers’ preferences, the company launched its new product strategy focused on utility vehicles.
GM Changwon plant
In addition, during the first half of this year, GM Korea made significant progress in transforming the GM Changwon plant and refurbishing the GM Bupyeong plant to manufacture new global crossovers from 2023 that will join the current Chevy Trailblazer and Buick Encore GX to increase the company’s competitiveness and exports in the South Korean market.
GM Bupyeong plant
The next-generation crossovers made by GM Korea are expected to be high-volume models that allow it to take full advantage of a production capacity of 500,000 units per year. The company has not yet revealed which vehicles would be built there, but it appears they will be the upcoming Chevy Seeker recently leaked in China and the next-generation Chevy Trax that GM recently announced.
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Objection! Hearsay, Leading. This article has no foundation.