GM sees growth potential in GM Daewoo

Oct. 19, 2010 at 4:06 PM
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SHANGHAI, Oct. 19 (UPI) -- Ray Young, General Motors vice president for international operations, said South Korea provided a growing domestic market and export platform for the company.

GM Daewoo Auto & Technology, the U.S. automaker's Korean production company, can benefit GM due to "a lot of potential growth in the domestic market," Young said at a global media program in Shanghai Tuesday, Yonhap reported.

"There's no doubt we need to grow our market share in Korea," he said.

He said GM plans to offer seven new models in Korea where its market share has been stable at 7.7 percent for the past year.

"We will be introducing the Chevrolet brand in South Korea in 2011, and it will be the fastest growing brand in Korea," Young said.

Young also said China's growing market provided a ready market for GM Daewoo exports.

Shanghai General Motors Corp., Ltd., Vice President Joseph Liu said: "Over one third of GM Daewoo's exports, or about 400,000 units, are already coming to China" where auto sales in 2010 surpassed sales in the United States for the first time this year with 13.7 million vehicles sold.

That number is expected to almost double by 2015, Yonhap reported.

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