GM Korea President Hector Villarreal takes a look at Trax Crossover at GM Changwon Plant. (Image courtesy of GM Korea)
SEOUL, Apr. 15 (Korea Bizwire) — General Motors’ South Korean operations, GM Korea, reported operating profits exceeding 1 trillion won in 2023, marking the highest level since the company’s establishment in 2002 as GM Daewoo.
This remarkable performance was driven by the success of strategically allocated models from the global headquarters, the Chevrolet Trailblazer and Trax crossovers.
According to GM Korea’s audited consolidated financial statements disclosed on April 12, the company’s revenue soared 52.4 percent year-over-year to 13.73 trillion won.
Operating profit surged 389.5 percent to 1.35 trillion won, while net income skyrocketed 613.6 percent to nearly 1.5 trillion won over the same period.
This marks GM Korea’s second consecutive year of profitability. In 2022, the company reported consolidated revenue of 9.01 trillion won, operating profit of 275.8 billion won, and net income of 210.1 billion won – a turnaround after eight consecutive years of losses.
GM Korea’s outstanding results can be attributed to the remarkable success of the next-generation strategic models, the Chevrolet Trailblazer and Trax crossovers, assigned by the global headquarters.
In 2022, exports of the Trailblazer and Trax (including Buick derivatives) reached 216,833 units and 214,048 units, respectively, ranking them as the top two exported passenger car models from South Korea.
This growth trajectory is expected to continue for GM Korea, as the Trailblazer and Trax maintain strong popularity in the U.S. market.
“This year, we must maximize production volume. Last year, we produced nearly 500,000 units, and we aim to surpass that number in 2023,” stated Hector Villarreal, President of GM Korea, during a meeting at The House of GM in Seoul’s Gangnam District on February 2.
Kevin Lee (kevinlee@koreabizwire.com)
