GM renames S. Korean unit
- Source: Shanghai Daily
- [17:07 January 21 2011]
- Comments
GM Daewoo Auto & Technology Co, the South Korean unit of General Motors Co, said Thursday it is changing its name to GM Korea and will sell most of its cars under the Chevrolet brand.
GM Daewoo said in a statement all new vehicle introductions and changes to existing vehicles this year will be under the Chevrolet nameplate.
The company name change to GM Korea Co is expected to be completed by March 31. GM Daewoo's board of directors approved the decision Thursday. The auto maker called the name change "globally consistent with all other GM country operations."
But a few vehicles, including the Alpheon, a large-size sedan, will not be sold under the Chevrolet brand, according to Lim Young-mi, a GM Daewoo spokeswoman.
GM Daewoo, South Korea's thirdlargest auto maker after Hyundai Motor Co and Kia Motors Corp, sold 751,453 vehicles last year, with 83 percent of those exported, Lim said.
Unlisted GM Daewoo was created after Detroit-based GM acquired Daewoo Motor Co, a unit of Daewoo Group. That firm had collapsed due to the financial crisis that hit South Korea in 1997-98.
