Last year, Chevrolet was the only top-five global vehicle brand to increase total market share.
General Motors said today that it will build and sell the mid-size Chevrolet Malibu sedan in Korea, where Chevrolet has just replaced GM Daewoo as GM’s main brand in what until now was largely a badge engineering exercise by changing the logos on Daewoo products to bowties. The Malibu will ultimately be sold in about 100 markets on six continents.
Korea ranks at the very bottom — 30 out of 30 among the largest automotive markets — for auto import market access. The average among major developed economies is approximately 40% market penetration by imported automobiles, but in 2006 in Korea, the total of import vehicles from all global manufacturers in all countries entering the Korean market was around 3.6%. This is about 40,000 vehicles in a market that buys roughly one million vehicles annually.
“Adding Korea as a key sales market for the new Malibu further increases the brand’s global presence and continues our growth path while increasing our car offerings to consumers in Korea,” said Russ Clark, Chevrolet Product Director markets on six continents.
Chevrolet’s global production roll-out of the all-new Malibu begins in Bupyeong, Korea this fall, followed by Jingjiao, China, at the end of 2011 and Fairfax, Kan. and Detroit-Hamtramck, in early 2012, confirming an AutoInformed exclusive. (See New 2013 Chevrolet Malibu to be Built in Hamtramck, MI )
GM said in release that interest in the new Malibu is growing in Korea ahead of its introduction there. Members of Malibu-related Internet clubs total about 30,000 in a market where Malibu has never officially been sold.
Chevrolet sold 1.1 million vehicles worldwide in the first three months of 2011, a 15% increase compared to Q1 of 2010. This was Chevrolet’s best first-quarter results in history, and Chevrolet is key to GM’s global success. Chevrolet’s global growth is predicted to accelerate by owner General Motors. China sales will lead the way, of course, in the world’s largest and most robust auto market.
Last year, Chevrolet was the only top-five global vehicle brand to increase total market share.
Chevrolet now sells roughly 5.8% of all vehicles sold worldwide. Chevrolet sales increases continued in the first three months of 2011, as Chevrolet recorded double-digit sales gains compared the same period last year in four of its five top markets:
- In the United States, Chevrolet sold 416,505 vehicles in the quarter, an increase of 23%. In February, Chevrolet was the highest-volume brand in the U.S. market, albeit with the heavy use of incentives in the U.S., which now has Ford responding. Both brands have roughly $3,000 on the hood in rebates or low interest rates on every vehicle sold.
- In China, Chevrolet sold a record 159,303 vehicles in the quarter, an increase of 17%.
- In Brazil, Chevrolet sold 142,734 vehicles in the quarter, a decrease of 9% from the brand’s record-setting sales in the first quarter of 2010.
- In Mexico, Chevrolet sold 37,291 vehicles in the quarter, an increase of 12%.
- In Argentina, Chevrolet sold 34,103 vehicles in the first quarter, an increase of 21%. Chevrolet set three consecutive sales records in the South American country, recording the brand’s best January, February and March sales.
- In Europe, Chevrolet sold 112,482 vehicles in the first quarter, an increase of 7%. During that time, Chevrolet gained market share in nine European markets as the brand doubled sales in Denmark and Turkey, and increased sales in France and Russia by 80% and 51%, respectively.
The latest Chevrolet expansion bodes ill for the future of Opel/Vauxhall. These old world brands, steeped in history and baggage, will increasingly be relegated to regional European labels – until they can be rationalized – someday – under the Chevrolet Bow Tie.
(See UAW Defends Korean FTA as Other Unions Protest Deal)
