GM Korea, Marking 10th Anniversary, Is ‘Core Part of Korean, U.S. Auto Industries’

 

Based on article from Money Today Nov. 8, 2012

GM Korea, marking its 10th anniversary this year, has become Korea’s third-largest automaker in terms of sales volume and GM’s mini and small car research and production base.  


GM Korea's Bupyeong Plant

GM Korea’s achievements over the past 10 years are proved by numbers. From the launch of the company to Sept. this year, the automaker produced a total of 15,173,821 vehicles (including CKD kits). It introduced 34 car models during the 10 years. 

Its domestic sales and export increased over fivefold from 377,237 vehicles in 2002 to 2,051,974 vehicles in 2011. Its revenue, which used to be 4 trillion won, increased to 15 trillion won last year.

Of course, it was not all sunshine and roses for the automaker. GM Korea was formerly Daewoo Motors. Daewoo laid off 1,725 production workers as part of its restructuring effort in early 2001, when the automaker went into receivership. 

However, the union chose compromise over confrontation, and the company gave its word to reinstate the laid-off workers. In 2005 GM Korea reinstated 1,605 workers among them.

Now, GM Korea is drawing up a blueprint for the next 10 years including a plan to invest more than 1 trillion won every year.

The two brands that will lead the growth of GM Korea are Chevrolet and Cadillac. 

The automaker is planning to its profitability across the board by enhancing awareness of Cadillac in the Korean market, strengthening the brand’s product lineup and sales network in order to increase sales of profitable luxury cars, and improving the performance of Chevrolet’s midsize models, such as the Malibu.