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GM Korea vows to attain double-digit market share

GM Korea has resolved to secure more than 10 percent of the local market on a yearly basis, unveiling its plan to launch new models of the Chevrolet series.

Mike Arcamone, president and CEO of General Motors’ local unit, stressed that the automaker could see “double-digit market share” in Korea at the end of this year during a news conference at the Bupyeong factory in Incheon, Wednesday. 
GM Korea CEO Mike Arcamone (GM Korea)
GM Korea CEO Mike Arcamone (GM Korea)

GM Korea saw its market share climb to 9.5 percent for the first seven months of 2011, from a yearly share of 8.6 percent in 2010.

Hyundai Motor has more than 40 percent of the market while its affiliate Kia Motors’ market share hovers at 30 percent.

“Driven by the strong market response to Chevrolet and its lineup of cars as well as our industry-best customer service, GM Korea’s year-on-year sales over the past six months have risen 27 percent,” Arcamone said.

He said the company expects domestic demand to maintain its rapid pace of growth, stressing that it has a solid plan for the introduction of new Chevrolet products in the domestic market.

“The Malibu, Chevrolet’s new global midsize sedan, will soon be launched in Korea before any other market,” he said. “This will enable us to achieve a more solid brand stance and bolster our sales.”

GM Korea introduced a Cruze electric vehicle test fleet last year and the Volt this year as part of its commitment to the development of next-generation technology in coordination with U.S.-based GM.

Company executives said the image of Chevrolet, one of the world’s fastest-growing vehicle brands, has seen great improvement in Korea.

“According to a nationwide survey conducted by GM Korea, 98 percent of respondents were aware of Chevrolet and 55 percent would consider buying a Chevrolet vehicle,” an executive said.

By Kim Yon-se (kys@heraldcorp.com)
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