GM Korea Co., the Korean unit of U.S. automaker General Motors Co. (GM), is expected to achieve a double-digit market share this year for the first time in nine years thanks to growing popularity of its Chevrolet brand cars among local consumers.

According to Korea Automobile Manufacturers Association (KAMA) Wednesday, GM Daewoo marked a 9.7 percent share in the Korean auto market at the end of September. As its October sales volume hit 144,726 units, its market share should have exceeded 10 percent last month, industry experts projected. KAMA’s official data on automakers’ share in the local market is due to be out next week.

GM Korea’s market share has remained at a single digit rate for eight consecutive years since it reached 10.3 percent in 2007. Since then, the 10 percent threshold has become the very goal for every chief executive who came into office, but it was never met. In 2009, the automaker’s market share even plunged to 7.9 percent, hit by the delayed release of new cars as well as losing competitive edge against cars from rivals.

When James Kim took the helm of GM Korea as chief executive in January, he also pledged to win a double digit market share in the Korean market this year, and he will likely keep his words unlike his predecessors, thanks to growing demand for the Chevrolet brand cars that have helped the car maker fare well despite overall stagnant demand in the auto maker.

Since the company first released the Chevrolet brand cars in 2011, GM Korea’s market share has been steadily growing. The automaker sold 156,404 units last year, a record high since its inception following GM’s acquisition of Korea’s Daewoo Motors in 2002. This year’s shipments are expected to hit a new all-time high of 180,000 units, though falling short of the company’s target of 191,000 units for this year.

Entering this year, the company has aggressively launched seven new cars that have helped the company enjoy solid sales performance this year. Its new Chevrolet Malibu sold more than 30,000 units despite delayed delivery, largely contributing to its sales, while mini car Chevrolet Spark will likely beat its long-time rival Kia Motor Corp.’s Morning that has dominated the segment in eight years, said an unnamed official at GM Korea. The Chevrolet brand, including full-size sedan Impala, has also gained popularity in Korea, he added.

GM Korea is pinning its hopes on the new Chevrolet Cruze and the Chevrolet Bolt electric vehicle, which will be go on sale in Korea next year, to help it further bolster its market share in the Korean auto market. A majority of the Cruze is manufactured in its Gunsan plant in North Jeolla Province in Korea and exported to other countries.

By Lee Seung-hoon

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