General Motors won't be selling cars in South Korea under the Daewoo label, the automaker announced today. The Daewoo logo will be replaced by the Chevrolet name and signature bow-tie logo. The company name, GM Daewoo, will also be changed to GM Korea Co., the company said in a statement.
"This important new brand strategy is designed to strengthen our commitment to the Korean market, recognizing it as one of the strongest-performing countries within GM's global operations. We are well positioned to bring one of the world's iconic brands to Korea," said Mike Arcamone, President and CEO of GM Daewoo. "We cannot afford to sit still, and instead, choose to make a bold move with the launch of Chevrolet in Korea."
The Daewoo company was founded in 1967; its motor division was sold to GM in 2002. GM has 17,000 employees in South Korea, and its goal is to bring the company out of the shadow of much bigger rivals Hyundai Motor Co. and Kia Motors Corp. in the years to come.
"This new growth opportunity will allow us to compete in brand-new segments and offer our customers more choices than ever before, resulting in a strong future for our company, our employees and our sales agents," said Arcamone.
The name change was sparked by market research and should be completed by March 2011. The company also plans a new product lineup with the introduction of eight new models carrying the Chevrolet name. The Chevrolet Camaro, Chevrolet Orlando, the Chevrolet Aveo global small car, a new SUV, and a new midsize sedan will be included in the lineup.