Lotte, Ssangyong, and Chevrolet with Shrinking Performance, Busy Preparing Revival through 'New Car Development and Securing Overseas Orders'

[Image source=Yonhap News]

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] Renault Samsung Motors, SsangYong Motor, and Korea GM, which have struggled in recent years, are accelerating their plans to revive performance through new car launches, production preparations, and securing overseas supply.

According to the industry on the 14th, General Motors (GM) plans to launch 10 electric vehicle models in Korea by 2025 and is investing in Korea GM for the production of next-generation crossover utility vehicles (CUVs) in 2023.

Steven Kiefer, Senior Vice President of General Motors (GM) and President of Global Operations (GMI), stated at a press briefing held on the 12th, "GM will offer electric vehicles at all price ranges to all customers, from low-end to high-end, and rugged vehicles."

Regarding the next-generation CUV being prepared for production at the Changwon plant, he expressed confidence, saying, "I am confident it will be more successful than the Trailblazer and will achieve great success in both the Korean and export markets."

The first to signal a performance revival was Renault Samsung Motors. Through global projects and research & development (R&D), Renault Samsung Motors expanded the sales regions of the XM3, launched in March last year, to 28 countries as of June this year, significantly increasing exports. The XM3 has surpassed a cumulative export volume of 50,000 units from July last year to early this month.

Despite the semiconductor supply shortage, Renault Group is prioritizing the supply of parts for XM3 export volumes by utilizing the group's internal supply chain to ensure the successful establishment of the XM3 in overseas markets.

SsangYong Motor, currently undergoing rehabilitation procedures, launched its first electric vehicle, the Korando e-Motion, overseas in September this year and is developing new models such as the mid-size sport utility vehicle (SUV) J100 (project name) and KR10, aiming for a launch next year.

Through this, SsangYong plans to build a full SUV lineup consisting of Tivoli, Korando, J100, and Rexton. Additionally, Edison Motors, the preferred bidder for SsangYong and an electric bus company, plans to release 30 eco-friendly vehicles, including electric cars, by 2030 after acquiring SsangYong.

An industry insider said, "The three foreign-affiliated companies, which had poor performance so far, are implementing various strategies to expand their results. The supply of semiconductors and other materials and parts, as well as financial conditions, are expected to be key factors for the success of future strategies."

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