GM Korea to offer six new vehicles in Korean market this year
Published: 30 Jan. 2023, 17:28
The lineup includes Chevrolet's new Trax Crossover SUV, GMC's Sierra Denali pick-up truck and Lyriq, the first electric SUV from the brand Cadillac.
"We will maximize the production capacity of our Bupyeong, Changwon and Boryong plants to have an annual capacity of 500,000," said Roberto Rempel, CEO of GM Korea during a press conference detailing business plans for the year.
"Solid financial performance in 2023 is expected, fulfilling the commitment made in 2018."
GM Korea manufactured some 260,000 vehicles last year. GM sells vehicles under four brands globally: Chevrolet, Cadillac, Buick and GMC. Chevrolet and Cadillac models are currently available in Korea.
The fully revamped Trax CUV will be introduced in the first quarter. The vehicle will be 282 millimeters longer than the previous model.
It will be fully manufactured in the Changwon plant in South Gyeongsang. GM Korea invested 900 billion won ($733 million) to build a new 3-story painting facility and upgrade its stamping and assembly facilities for the new vehicle.
The Lyriq will be the first electric vehicle (EV) based on Ultium, General Motors' modular platform and battery system.
"We will introduce more Ultium-based EVs in Korea, with the goal of releasing a total of 10 EVs by 2025," Rempel added.
The Sierra pick-up truck is also in the lineup. The latest GMC Sierra Denali comes with a 6.2-liter gasoline engine and a 10-speed automatic transmission. It can generate a maximum of 420 horsepower.
GM Korea has been reporting net losses for eight consecutive years since 2014. It reported 175.2 billion won of net loss in 2021, 296.81 billion won in 2020 and 320.20 billion won in 2019.
The earning figure for 2022 has not been disclosed, but it sold a total of 264,875 vehicles last year, up 11.7 percent compared to the previous year. Of them, some 86 percent came from the overseas market.
When asked about the possibility of manufacturing EVs in Korea, Rempel said he has “no plan" for now.
“We currently have no plans of making EVs here in Korea, maybe at least for two coming years," Rempel said.
BY SARAH CHEA [chea.sarah@joongang.co.kr]
with the Korea JoongAng Daily
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