Seoul — GM Korea Co., the South Korean arm of General Motors Co., has reported a substantial 73% increase in its vehicle sales for the month of October, attributing the surge primarily to a robust performance in exports.
According to Yonhap News Agency, a statement from the company, GM Korea saw its sales figures reach 46,269 vehicles in October, marking a significant increase from the 26,811 units sold during the same month in the previous year. The company highlighted the increased shipments of recreational vehicles as a key factor contributing to this growth.
An analysis of the sales data reveals a 9.8% increase in domestic sales, which climbed to 4,469 units last month from 4,070 in October of the previous year. Meanwhile, exports experienced an impressive 84% surge, rising to 41,800 from 22,741 over the cited period.
Looking at the broader picture from January to October, GM Korea's sales experienced a 69% jump, totaling 369,588 autos compared to 218,263 units in the same period last year. Breaking down these figures, domestic sales saw a marginal increase of 0.6%, rising to 33,525 from 33,340 a year ago. On the other hand, exports witnessed a remarkable 82% surge, reaching 336,063 from 184,923.
GM Korea employs a two-track strategy in the market, selling both domestically produced and imported vehicles in South Korea, which is Asia’s fourth-largest economy. The company’s current lineup includes two locally assembled models—the Trailblazer SUV and the Trax Crossover—alongside six imported models, which comprise the Colorado pickup, the Bolt all-electric car, the Equinox, Traverse, and Tahoe SUVs, as well as the GMC brand's Sierra Denali pickup.
It is worth noting that the Spark mini car, Trax compact SUV, and the Malibu midsize sedan were once part of GM Korea's offering, but production for these models ceased last year. Currently, the majority of the models sold in South Korea are from the Chevrolet brand, with models from the Cadillac brand also available in the market.
Looking ahead, GM Korea has expressed its intention to expand its product lineup, potentially adding more models from the GMC brand, contingent on market demand.