Korea GM to Launch 6 Car Models This Year... "Achieving Rapid Growth"

Six Authentic American Vehicle Models to Launch Domestically Within the Year
"Business Normalization... Expecting Sustainable Growth"

Group photo from the 2023 GM press conference held on the 30th. Brian MacMurray, President of GM Korea R&D Corporation; Amy Martin, Chief Financial Officer; Roberto Rempel, President of GM Korea Operations; Jung Jung-yoon, Chief Marketing Officer; Carlos Meinert, Vice President of Sales and Service; Chae Myung-shin, Executive Director of Digital Business Team; Yoon Myung-ok, Executive Director of Public Relations (from left). Photo by Korea GM

[Asia Economy Reporter Hyunseok Yoo] Korea GM announced its goal to rapidly grow by launching a total of six new models this year, including the Chevrolet 'Trax Crossover' and the electric vehicle Cadillac 'Lyriq,' and increasing annual production capacity to 500,000 units.

On the 30th, Korea GM held a press conference titled ‘The New Beginning, The New General Motors’ at Conrad Seoul in Yeongdeungpo-gu.

The conference began with a video message from Saleh Ameen, GM Senior Vice President and President of Overseas Operations. He emphasized that General Motors has taken bold measures to improve the sustainability of its Korean business and is implementing a customer-centric business strategy. Ameen stated, "The next-generation global new products are already receiving a warm response in the United States," and added, "I am confident they will become another success model in Korea as well."

Following this, President Roberto Rempel presented Korea GM’s four core business strategies for this year: ▲Increasing business efficiency ▲Branding strategy ▲Expanding the EV portfolio ▲Providing an exceptional customer experience.

First, business efficiency will be enhanced by minimizing costs and maximizing production. To this end, the next-generation global new product, the ‘Chevrolet Trax Crossover,’ will be launched in the first quarter. Especially with the global demand for the Trax increasing, the production capacity of the Bupyeong, Changwon, and Boryeong plants will be maximized to an annual level of 500,000 units by the second quarter. Through this, Korea GM expects to smoothly implement the management normalization plan promised in 2018 and achieve solid financial results in 2023.

Additionally, the positioning of the GM brand will be established. This year, a total of six vehicles will be launched across three brands: Chevrolet, Cadillac, and GMC. This will strengthen the position of mainstream products and expand customer choices. In particular, there are plans to create a new presence in the premium and luxury segments. Furthermore, the Cadillac 'Lyriq,' built on the Ultium platform dedicated to electric vehicles, will also be launched this year. GM plans to introduce a total of 10 electric vehicle models to the domestic market by 2025. He explained, "We will differentiate ourselves from other brands," and "We will reestablish the brand identity as an authentic American lineup to assert our presence."

Chief Marketing Officer Jung Jung-yoon said, "GM is a true American brand," adding, "Since the keywords symbolizing America include freedom, diversity, pioneering spirit, and inclusiveness, we will build an authentic American brand identity."

Along with this, to provide an exceptional customer experience, plans are in place to offer A/S and connectivity services. First, by rebuilding the East Seoul Service Center and through a network of over 400 service locations, premium customer service in the imported car market will be enhanced. Additionally, ACDelco, a global aftermarket parts and maintenance service network with over 100 years of history, will be launched. The global connectivity service 'OnStar,' which has 26 years of technological expertise, will also be introduced within the year.

Korea GM plans to grow faster this year following a return to profitability last year. Chief Financial Officer Amy Martin said, “Last year, we made meaningful progress in financial performance through continuous cost reduction, expansion of a profitable global vehicle lineup, and favorable exchange rate effects," adding, "We expect to surpass the break-even point." She further stated, "We anticipate that positive momentum in financial performance will continue in 2023."

President Rempel also emphasized, “GM has very ambitious plans for 2023," adding, "We have already firmly established the foundation for growth and are now ready to achieve a return to profitability and sustainable growth thereafter.”