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GM Daewoo plans 8 new models in push for local expansion

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GM Daewoo plans 8 new models in push for local expansion

2010-09-02 16:50

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GM Daewoo Auto and Technology Co. will launch eight new vehicles, including the new sedan Alpheon, on the local market over the next 12 months, company president Mike Arcamone revealed on Thursday.

According to reports, the plans that will almost completely renew GM Daewoo’s current lineup will also result in an investment of nearly 6 trillion won ($5.1 billion) over the next three years. The company’s lineup currently consists of eight passenger vehicles and two light commercial vehicles.

Arcamone, who took the helm at GM’s South Korean unit in October, also said that the company aims to push up its domestic market share into double digits this year.

At present the company holds 8 percent of the local market, and is ranked fourth among the five locally-based carmakers.

Concerning the company’s plans for new cars, Arcamone said that the eight vehicles will consist of six locally produced models and two imported vehicles at a press conference held in Jeju.

GM Daewoo Auto and Technology Co. president Mike Arcamone, along with other company executives, attends a press conference in Jeju on Wednesday. (GM Daewoo)

The imported vehicles will be from imported from GM’s other brands, the first of which is likely to be the Chevrolet Camaro. The plans to introduce the Chevrolet Camaro to the Korean market some time next year were first revealed at the Busan International Motor Show in April.

Arcamone did not identify the second imported vehicle that will be introduced to the Korean market.

However, he revealed that GM’s electric vehicle Chevrolet Volt will not be launched here commercially, but that the vehicle will be tested here in line with the government’s green growth drive.

The six locally produced models will be the Alpheon -- revealed at this week’s press event in Jeju -- the multi purpose vehicle Chevrolet Orlando and a new hatchback that will be the follow-up model for the Gentra X.

The Orlando will be produced at the company’s plant in Gunsan, North Jeolla Province from October, and be released here during the first half of next year, GM Daewoo officials said.

The remaining three locally produced vehicles will replace the mid-sized sedan Tosca, compact car Lacetti Premiere and the sport utility vehicle Winstorm.

The plans for renewing and bolstering its lineup are part of the company’s strategy for achieving the target of pushing its domestic market share to double digits this year by raising sales by more than 20 percent, which Arcamone revealed in March.

So far this year the company has seen an increase of 25.6 percent in domestic sales and 44.9 percent rise in exports of assembled vehicles.

link:

http://www.koreaherald.com/national/Detail.jsp?newsMLId=20100902000779

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