General Motors’ South Korean unit has released a roadmap to launch 15 new models over the next five years as part of efforts to address slumping vehicle sales and win back customers as part of efforts to accelerate its normalization process.
GM Korea announced on Monday its new car release will start with the New Spark, the facelift version of the compact vehicle, this month. The company’s new model will hit the local market for the first time about three years after the Next Spark was launched in 2015. The New Spark gets spruced up with new exterior styling and improved marketability, according to the company.
Besides the New Spark, the carmaker will roll out new SUV model, the Equinox, and the facelift version of mid-size sedan, the Malibu, later this year.
At the same time, GM Korea Chevrolet launched a social contribution program to strengthen customer engagement and community solidarity on a nationwide scale in order to increase the visit of potential customers to its dealers.
“The Spark has represented the compact car market with its unmatched safety and value profile," said a GM Korea spokesman. “This promotional program will bring the opportunity to experience GM’s world-class compact car and Chevrolet brands to more Korean customers.”
GM Korea has internally set a plan to turn around until next year with new car sales and business normalization.
Earlier, GM and the Korean government agreed to inject a total of $7.15 billion to provide much-needed liquidity to GM Korea, with $6.4 billion from GM and the remainder from state-run Korea Development Bank. The Detroit- based automaker vowed to commit new models in the Korean operation to accelerate its turnaround.
The deal, however, sparked a controversy in the political circle. Lawmakers from the main opposition party argued the deal will only facilitate GM to withdraw from the Korean market.
By Kim Jung-hwan and Minu Kim
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