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Biz News Korea(Eng)
GM’s Opel sale spark worries for Korean carmakers
- Collected
- 2017.02.17
- Distributed
- 2017.02.20
- Source
- Go Direct
The 2016 Opel Astra hatchback
In latest bombshell news, General Motor is in talks to sell Munich-based Opel the U.S. automaker bought in 1929 for European base to French automaker PSA Group that makes Peugeot and Citroen cars.
GM would no longer be running European brands as the pullout of Opel follows the exit of Chevrolet in 2013. Opel’s losses since 1999 amounted to $20 billion.
According to the European Automobile Manufacturers’ Association, PSA ranked third last year with a 9.9 percent market share and Opel sixth commanding a 6.7 percent market share. Combining the two would create a formidable number two in the European automotive market.
GM plans to use the proceeds to expand in China, to which it relies on for more than a third of its revenue.
The changes in Europe and China are bad news for Korean makers. Hyundai Motor and Kia Motors have been lagging further and further away from two leaders in the Chinese market. Volkswagen sold 3.87 million cars in China and GM 3.68 million last year, more than doubling the combined 1.79 million units from Hyundai and Kia. The race to keep up with the frontrunners would become more challenging if GM turns more aggressive in China.
GM Korea would receive immediate blow. Under GM umbrella, it assembled and shipped 100,000 cars to Opel annually. It also would be fretting about GM pulling out of Korea as well.
By Woo Je-yoon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]