GM Korea aims to turn a profit in 2023 through the overseas launch of new models produced in Korea and the launch of electric vehicles produced overseas in the Korean market.
At a press conference held at the Conrad Hotel in Yeouido, Seoul on Jan. 30, GM Korea president Roberto Lempel announced this year’s business strategy. “We will pursue a dual strategy — global launch of domestically produced vehicles and sales of imported vehicles in the Korean market,” Lempel said. GM Korea will launch the Chevrolet Trax Crossover, a new crossover utility vehicle (CUV) to be produced at its Changwon plant, in the global market in the first quarter of 2023.
GM Korea plans to expand its output to 500,000 units this year, including the Trax crossover model. “Trax has received positive responses from consumers in North America, and it will drive our output growth,” Lempel said. GM Korea sold a total of 264,875 units in 2022 — 37,237 at home and 227,638 abroad, posting an 11.7 percent increase in sales compared to 2021.
GM Korea expects to get out of its chronic deficit through the launch of new models in 2023. The automaker has been recording a cumulative deficit of 3 trillion won since 2014. However, Lempel clearly stated that GM Korea has no plan to produce electric vehicles in Korea. “GM Korea is unlikely to produce electric vehicles in Korea for the next two years,” he explained. “The right time for electric vehicle production will come and if and when the time comes, we will be able to move quickly.”
GM Korea plans to strengthen its position as an imported car brand by selling imported cars, including electric vehicles produced using GM’s Ultium platform, new cars under GM brands such as Chevrolet, Cadillac, and GMC, and partially modified models. The Cadillac LYRIQ, an Ultium-based electric vehicle, will be released in Korea in 2023. GM Korea will launch 10 electric vehicles in Korea by 2025.
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