General Motors (GM) said it planned to launch six new and upgraded models in South Korea this year, tying to reverse its recent loss of market share in an increasingly competitive market.
The US automaker said on Monday it planned to launch the redesigned Trax Crossover model in the first quarter of 2023 which it plans to assemble at its plant in Changwon, to be followed by the Cadillac Lyriq EV and other imported vehicles including a GMC model later in the year.
The company also sells the Colorado pickup truck, the Bolt EV and the Equinox, Traverse and Tahoe SUVs and plans to launch a further 10 new EVs by 2025.
GM has plants in Bupyeong and Changwon, operated by local subsidiary GM Korea Company with a combined production capacity of 500,000 vehicles annually. They currently make the Trailblazer SUV and the Spark minicar respectively.
The automaker said it planned to produce new models to help lift exports as well as domestic sales, as it expands the role of its South Korean operations within its global network.
While the South Korean auto market is dominated by local automaker Hyundai Motor Group, comprising the Hyundai, Genesis and Kia brands, it is also the second-largest market for vehicle imports in the Asia-Pacific region after China. Renault also has significant manufacturing operations in the country.
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GM Korea said its global sales last year rose by 12% to 264,875 vehicles but domestic sales fell 27% to 41,307 units.