Roberto Rempel, president and CEO of GM Korea, poses for a photo during the new Chevrolet Trax crossover presentation at Kintex in Goyang, Gyeonggi Province, South Korea, on March 22. (Yonhap)
SEOUL, April 7 (Korea Bizwire) — GM Korea Co., the South Korean unit of General Motors Co., achieved a surplus in the previous year, thanks to a combination of factors such as high exchange rates, increased exports, cost-cutting measures, strong pricing, and expanded semiconductor availability.
At a recent management briefing session held by GM Korea, executives and top-level employees gathered at the company’s headquarters in Bupyeong, Incheon, to discuss the firm’s 2022 financial results and 2023 business outlook.
In the previous year, GM Korea achieved sales of 9.102 trillion won, with operating income and net income reaching 276.6 billion won (US$209 million) and 201.1 billion won, respectively.
Amy Martin, Chief Financial Officer of GM Korea, credited the positive performance to several factors, including stronger pricing and continued efforts to reduce costs.
However, Martin cautioned that the company could face a challenging environment in the coming year due to unfavorable currency volatility and rising raw material and logistics costs.
Looking ahead, GM Korea has set out its priorities for the year, including a successful launch of new models such as the Chevrolet Trax crossover, stable production of 500,000 units per year at its Bupyeong and Changwon plants, cost reduction in consideration of rising raw material prices and logistics costs, and expansion of its portfolio of imported products to expand profitability in the domestic market.
“We are committed to transforming our South Korean business into a sustainable operation, building on our promise to normalize management in 2018 and reduce the deficit every year,” GM Korea President Roberto Rempel said.
“Our task now is to strengthen our business foundation to produce sustainable results regardless of external factors.”
M. H. Lee (mhlee@koreabizwire.com)
