GM Korea celebrates 10 years as fastest-growing automaker

Celebrating its 10th anniversary on Wednesday, GM Korea, the local unit of the U.S.-based General Motors Co., claims itself as the world’s fastest growing carmaker.

Over the past 10 years, the company’s car sales have surged more than five times from some 280,000 units in 2002 to 2.05 million last year, the nation’s third-largest carmaker said Tuesday. Its accumulative car sales have surpassed 15 million vehicles. 

During the same period, its revenue has also seen a four-fold growth to reach 15 trillion won ($13 billion) this year, of which 90 percent came from overseas sales.

“The remarkable accomplishments of GM Korea over the last 10 years are the result of the effort of all of our employees to meet the expectations of our customers,” said GM Korea CEO Sergio Rocha.

“We look forward to building on our success over the coming 10 years by capitalizing on new growth opportunities.”

In a planned press conference next Thursday, the company will unveil its future vision, including this year’s sales goal.

The GM Korea chief, who took office on April, earlier hinted at regaining a market share of 10 percent in Korea where Hyundai-Kia makes up almost 80 percent of the market while import brands claim a combined 10 percent.

Last year, GM Korea’s market share stood at 8.9 percent. Driven by a range of Chevrolet models, the carmaker posted a 9.4 percent market share as of September.

In 2002, the U.S. auto giant GM acquired the then bankrupt Daewoo Motor, naming it GM Daewoo Auto and Technology.

As part of efforts to revive sluggish sales in 2010, the company changed its name again to GM Korea and brought its internationally renowned brand Chevrolet to the Korean market.

GM Korea has invested more than 1 trillion won every year in product development and production facilities. Now the Korean operation carries out a crucial role as the global development base for GM’s small city cars, according to company officials.

By Lee Ji-yoon (jylee@heraldcorp.com)