GM’s South Korean unit Daewoo to post its first annual profit since 2007

Article by Christian A., on December 18, 2010

Mike Arcamone, CEO of GM Daewoo Auto & Technology Co., recently told reporters that GM Daewoo, General Motors Co.'s Incheon, South Korea-based unit, had a “very profitable year.” GM Daewoo will post its first annual profit since 2007 helped by rising exports to Eastern Europe and other emerging markets.

Arcamone adds GM Daewoo will likely increase vehicle shipments, including unassembled cars, 17 percent this year to more than 1.8 million, helped by demand for Spark minicars, Alpheon sedans and Chevrolet Cruze compacts.

In 2008 and 2009, GM Daewoo incurred losses because of wrong-way bets on currency hedging and slower sales amid the global recession. Arcamone said the carmaker plans to launch seven new models by the end of 2011 and to start selling Chevrolet cars in South Korea in 2011.

Arcamone, who was appointed in 2009 to turn around the money-losing unit, has set his sights on increasing GM Daewoo's market share in South Korea to more than 10 percent this year.

He says that, excluding exports of unassembled vehicles, GM Daewoo expects to sell more than 750,000 vehicles this year. According to a statement, the automaker sold 680,305 vehicles in the first 11 months, 33 percent more than a year earlier. [via autonews - sub. required]

Topics: gm, south korea, profit

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