Korea GM to End Production of Damas and Labo in 1Q Next Year... Strengthening Support Programs Including Financial Installments

[Asia Economy Reporter Suyeon Woo] Korea GM is enhancing various benefits, including financial program support, ahead of the end of production for the light commercial vehicles Damas and Labo in the first quarter of 2021.

Korea GM announced on the 3rd that it will offer benefits such as financial installment plans and cash support to customers purchasing Damas and Labo. In November, customers who purchase with a combo installment plan will receive a 200,000 KRW cash benefit and a long-term installment program of up to 72 months. Additionally, low-interest installment programs ranging from 2.9% to 3.9% have been prepared.

Furthermore, customers who hold a business license or a freight transport worker qualification will receive an additional 200,000 KRW benefit, and an extra 200,000 KRW fuel cost support will be provided for 200 units each of specific Damas and Labo inventory. When combined with the repurchase benefits offered to existing Chevrolet vehicle owners, benefits of up to 700,000 KRW are possible.

Produced at Korea GM’s Changwon plant, Damas and Labo are the only light commercial vehicles in Korea. Since their launch in 1991, they have sold over 370,000 units in the past 30 years, establishing themselves as Korea GM’s longest-running steady-selling cars.

Based on the excellent economy and unique advantages that only light commercial vehicles can offer, Damas and Labo have long served as reliable partners for self-employed individuals and small business owners. In particular, Damas and Labo are recognized for their overwhelming economic efficiency, featuring convenient cargo space, excellent maneuverability, vehicle prices starting from the 8 million KRW range, various tax benefits such as exemptions from individual consumption tax and registration tax, as well as discounts on public parking fees and highway tolls.

After making large-scale investments in 2014 to improve safety and product quality, Korea GM continued production of Damas and Labo. Although production of the two models was scheduled to stop in 2019, Korea GM decided to extend production in response to the ongoing demand from self-employed individuals and small business owners, as well as to support the domestic automotive industry and economic revitalization, and production has continued to this day.

Korea GM plans to actively respond to prevent any inconvenience to customers due to the end of Damas and Labo production in the first quarter of next year. Especially since these vehicles have consistently been loved by self-employed individuals and small business owners, Korea GM intends to meet the demand of these customers as much as possible before production ends.

Meanwhile, after the end of Damas and Labo production, Korea GM will fully embark on preparations for the production of GM’s next-generation global new products currently underway at the Changwon plant. According to the future plan confirmed in 2018, large-scale investments such as the construction of a new painting plant for next-generation global new product production have been underway since last year at Korea GM’s Changwon plant.

This content was produced with the assistance of AI translation services.