GM Daewoo Replaced by Chevrolet in Korea

After repaying its Korean debt in early December 2010, DGM decided it was time to enhance its presence in the local market, announcing it will replace the current nameplate with new product introductions and refreshes under the Chevrolet badge. The current GM Korea will keep its name, GM Korea Ltd., and its focus will remain on the Cadillac brand.

"Our sales increased 20 percent last year, our domestic market share increased double-digits and our exports soared 35 percent," said Mike Arcamone, President and CEO of GM Daewoo. "We are able to make this bold, strategic move to Chevrolet because of the hard work and dedication of our 17,000 employees, who have unflinchingly focused on increasing our domestic market share and supporting Chevrolet's global growth in our export markets."

The company has also revealed it will be changing its company name to GM Korea Co., a move that is expected to be completed by the end of Q1.

According to a company statement, the automaker will begin its most aggressive vehicle launch plan in history and will have an all-new product lineup with the introduction of eight new models carrying the Chevrolet name. The portfolio includes the Chevrolet Camaro, Chevrolet Orlando, the Chevrolet Aveo global small car, as well as a new SUV and a new premium midsize sedan.

"Chevrolet has enjoyed success in mature markets in North America and Europe, as well as in emerging markets in Asia Pacific, CIS countries, and Latin America," added Arcamone. "We are confident our customers in Korea will embrace Chevrolet as well."

GM also revealed recently that a Chevrolet was sold somewhere in the world every 7.4 seconds in 2010. Last year, more than 4.25 million Chevrolets were sold around the globe, and currently one out of every four Chevrolet vehicles is manufactured in Korea.