GM Daewoo Auto and Technology will launch eight new vehicles, including the new Alpheon sedan in South Korea over the next 12 months, company president Mike Arcamone revealed.
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The plans that will almost completely renew GM Daewoo’s current lineup will also result in an investment of nearly KRW6 trillion (US$5.1bn) over the next three years, the Korea Herald reported. 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% of the local market, and is ranked fourth among the five locally-based carmakers.
Concerning the company’s plans for new cars, Arcamone said at a press conference in Jeju the eight vehicles will consist of six locally produced models and two imported vehicles.
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 US built Camaro to the Korean market some time next year were first revealed at the Busan motor show in April.
Arcamone did not identify the second imported vehicle.
However, he revealed that the Chevrolet Volt will not be launched commercially in Korea but the vehicle will be tested there 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 – the multi purpose 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 Tosca sedan Tosca, compact Lacetti Premiere and the Winstorm SUV.
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 over 20%, which Arcamone revealed in March.
So far this year the company has seen an increase of 25.6% in domestic sales and 44.9% rise in exports of assembled vehicles.
