GM Daewoo Auto & Technology President and CEO, Mike Arcamone made the announcement today at the opening of the Busan International Motor Show.
"The introduction of Chevrolet will enable us to provide our customers an array of exciting new vehicles from the brand's global lineup, giving them more driving options," said Mr Arcamone."This will help GM Daewoo increase our sales and market share in the domestic market while generating additional revenue, strengthening our employees' job security, creating new jobs and resulting in additional investment in Korea. We regard it as a key to our long-term success."
To kick off its Korean sales, GM has introduced the Chevrolet Camaro to audiences at its motor show stand. The popular sports car will go on sale in Korea in 2011.
"According to our market research, half of all Koreans are familiar with the brand and more than 80 percent are aware of Chevrolet's distinctive logo," said Mr Arcamone."This is indicative of the positive brand image that already exists among consumers in Korea toward Chevrolet. We see tremendous upside with its introduction."
Mr Arcamone also said that the announcement was about co-existence with GM Daewoo, not brand replacement.
"Our decision to launch Chevrolet is in the best interest of GM Daewoo and Korea," explained Mr Arcamone.
One of GM's core brands, Chevrolet was founded in 1911 and named after famous race car driver Louis Chevrolet. Last year, the brand accounted for 44 per cent of all GM's global sales, a 21 per cent increase on the year prior.
"GM is bringing the new brand to Korea to enhance our presence in the domestic market," said GM International Operations President, Tim Lee."Last year, 3.3 million Chevrolet vehicles were sold in 130 markets worldwide, making it the fourth most popular passenger car brand globally."
The brand's success rests heavily on products such as the new Chevrolet Cruze (sold here as the Holden Cruze) and next-generation Chevrolet Spark. Last year, the brand almost doubled its sales figures from 2005, and continues to grow.
"Chevrolet has enjoyed success in mature markets in North America and Europe, as well as in emerging markets in Asia Pacific and Latin America," said Mr Lee."We are confident that it will drive us into a new era in Korea."