ID :
55779
Thu, 04/16/2009 - 09:17
Auther :

GM Daewoo unveils revamped Tosca sedan

SEOUL, April 16 (Yonhap) -- GM Daewoo Auto & Technoloy Co., the South Korean unit of General Motors Corp., introduced a revamped Tosca mid-size sedan Thursday in a bid to increase sales and salvage a dire financial position.

The roomier and updated Tosca, which is sold as the Chevrolet Epica in the United
States and some overseas markets, is expected to give "new momentum" to the local
automobile market, said Rick LaBelle, vice president GM Daewoo in a statement.
The fate of GM Daewoo became more uncertain this week as the New York Times
reported that the U.S. Treasury Department directed GM to lay the groundwork for
a possible bankruptcy filing by June 1.
GM Daewoo, which has idled its plants since December last year, is seeking an
emergency loan of one trillion won (US$753.6 million) from South Korea's
state-run Korea Development Bank, but the bank has refused to provide any
financial assistance, citing the uncertainty surrounding the beleaguered U.S.
auto giant.
GM Daewoo posted a net loss of 875.7 billion won last year, marking its first
annual loss in four years. Sales fell 1.6 percent to 12.3 trillion won.
In the first three months of this year, GM Daewoo's vehicle sales plunged 43.8
percent from the same period last year to 135,489 units.
(END)

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