Thursday, May 01, 2008

GM Daewoo Playing Big Role in GM’s Global Growth

General Motors, the largest auto-maker in the world, saw a 3 percent increase in its global sales last year because of excellent sales growth in all parts of the world, except North America. Behind this enormous success of GM, GM Daewoo has contributed a low. In fact, GM Daewoo’s Chevrolet brand is now the best selling GM marque across the world. GM bought the controlling share of the Korea based auto maker Daewoo five years ago. Since then, GM Daewoo played a big role behind the global growth of GM.

GM Daewoo’s global sales have grown to more than 1.3 million, which were 310,000 in 2003. Moreover, revenue of GM Daewoo’s revenue has also been boost up with $15 billion last year compared to $4 billion in 2003.

Enquirer reported:

And the plan is for more growth as quickly as possible: to vehicle sales exceeding 2 million, revenue of $20 billion and $1 billion in annual profit, GM Daewoo President and Chief Executive Michael Grimaldi said.

“We are playing a very important role in GM’s global growth,” Grimaldi said.

GM-Daewoo cars have a strong presence in the emerging markets like China, India, Russia and Brazil. Chevroelt brand has now become synonymous of General Motors. So, GM should give more focus on GM Daewoo and its market leader Chevrolet brand of cars. GM is facing strong challenges in the North American market. So, GM bosses can initiate some plans for this market with Chevrolet brand cars.