ID :
76071
Wed, 08/19/2009 - 16:13
Auther :
Shortlink :
https://www.oananews.org//node/76071
The shortlink copeid
GM Daewoo launches new Chevrolet Spark in S. Korea
SEOUL, Aug. 19 (Yonhap) -- GM Daewoo Auto & Technology Co., the South Korean unit of General Motors Corp., unveiled Wednesday an all-new version of its minicar in a bid to revive slumping local demand.
The new Chevrolet Spark also highlighted GM's efforts to focus on small cars as
the crisis-hit U.S. auto giant escaped from bankruptcy protection following a
painful restructuring.
Equipped with a 1-liter gasoline engine and a five-speed automatic transmission,
the four-door Spark runs 17 kilometers on a liter of gas, GM Daewoo said in a
statement.
The Spark is sold under the brand name of Matiz Creative. Company officials said
the new model will hit U.S. showrooms in 2011.
Michael Grimaldi, chief executive of GM Daewoo, said the new Spark provides
"outstanding fuel economy and will lead global sales of minicars."
The price of the new model varies from 9.06 million won (US$7,222) to 10.89
million won, depending on accessories, GM Daewoo said.
GM Daewoo, which exports more than 80 percent of its cars under the GM brand, has
been hit hard by the troubles at its U.S. parent.
In the first seven months of this year, sales of GM Daewoo plunged 47.4 percent
to 306,073 units, excluding kits.
Currently, GM Daewoo is struggling with its own liquidity crunch, which the
company says is "critical," and has been in talks with South Korea's state-run
Korea Development Bank for one trillion won in emergency loans.
The talks have reportedly faltered on GM's refusal to offer as collateral part of
its GM Daewoo stake as requested by the South Korean bank.
GM acquired GM Daewoo in 2002 from the then bankrupt Daewoo Motor Co.
The new Chevrolet Spark also highlighted GM's efforts to focus on small cars as
the crisis-hit U.S. auto giant escaped from bankruptcy protection following a
painful restructuring.
Equipped with a 1-liter gasoline engine and a five-speed automatic transmission,
the four-door Spark runs 17 kilometers on a liter of gas, GM Daewoo said in a
statement.
The Spark is sold under the brand name of Matiz Creative. Company officials said
the new model will hit U.S. showrooms in 2011.
Michael Grimaldi, chief executive of GM Daewoo, said the new Spark provides
"outstanding fuel economy and will lead global sales of minicars."
The price of the new model varies from 9.06 million won (US$7,222) to 10.89
million won, depending on accessories, GM Daewoo said.
GM Daewoo, which exports more than 80 percent of its cars under the GM brand, has
been hit hard by the troubles at its U.S. parent.
In the first seven months of this year, sales of GM Daewoo plunged 47.4 percent
to 306,073 units, excluding kits.
Currently, GM Daewoo is struggling with its own liquidity crunch, which the
company says is "critical," and has been in talks with South Korea's state-run
Korea Development Bank for one trillion won in emergency loans.
The talks have reportedly faltered on GM's refusal to offer as collateral part of
its GM Daewoo stake as requested by the South Korean bank.
GM acquired GM Daewoo in 2002 from the then bankrupt Daewoo Motor Co.
