T300, GM's Next-Gen Small Car, Delayed until January 2011
However, the difficult economic situation of the company has forced it alter the development plans and, according to these official papers, the South Korean division will postpone the launch of new models.
GM Daewoo reported a massive drop in sales in the first four months of the year, with figures decreased by as much as 44.5 percent compared to those recorded in the same period of 2008. The company relies a lot on new car exports, approximately 80 percent according to data sourced from Reuters, with the new small car expected to help General Motors better match the market demands in several regions of the world.
This can be only good news for other companies in South Korea, especially for Hyundai and its Kia brand, which expect better sales figures following the delay. Hyundai has already announced its enthusiastic plans to take over the small car segment and, given the massive drop GM and Chrysler are experiencing in most markets, its revenues can do nothing but to grow.
"About 30 percent of customers of GM and Chrysler are expected to look for other brands ... and we will do our upmost to catch as many of them as possible," Hyundai's Chief Financial Officer Chung Tae-hwan was quoted as saying in April when announcing the financial results.