South Korean Unit of General Motors Gets New Name

VOA Breaking News (Voice of America)
20 January 2011 (11:50am)

The South Korean subsidiary of U.S. automotive giant General Motors is changing its name and will begin selling new vehicles under the iconic Chevrolet brand.

Mike Arcamone, the chief executive officer of GM Daewoo Auto and Technology Company, told reporters Thursday the company will be renamed GM Korea Company by the end of March. Arcamone says the subsidiary is bringing the Chevrolet brand to South Korea to boost its domestic presence after earning a a market share of just over eight percent in 2010.

The new GM Korea unit will sell the Camaro sports car well-known to U.S. buyers, plus the Orlando and Captiva sport utility vehicles.

General Motors acquired Daewoo Motor Company in 2002 after its parent company, Daewoo Group, went bankrupt. The South Korean subsidiary exports more than 80 percent of the vehicles manufactured there.

It increased its domestic and international sales by 20 percent in 2010.