Latest news with #ChevroletTrax
Korea Herald
5 days ago
- Automotive
- Korea Herald
GM selling off Korean assets, but denies exit rumors
General Motors has once again dismissed speculation that it plans to end its Korean operations despite the US automaker's decision to sell off loss-making businesses and idle assets in Korea. According to auto industry sources on Thursday, Hector Villarreal, president and managing director of GM Korea, met with the leadership of the company's labor union the previous day to explain that the selloff decision was not part of a process to exit the Korean market but rather to increase profitability. He added that it will not impact the employment status of GM Korea workers. Rumors of GM's possible withdrawal from Korea were reignited when the company sent out a notice on Wednesday to its employees announcing that it will begin discussions with stakeholders to gradually sell its nine directly operated service centers nationwide as well as underutilized assets and land at its Bupyeong plant in Incheon. 'Maximizing the value of idle assets and streamlining the operation of loss-making service centers are important to maintaining the company's sustainability,' said Villarreal. 'We still have a few years left of our vehicle production program, and these measures are important to ensuring the business efficiency of the company.' The notification mentioned that the asset sales will not impact GM Korea's planned production. The automaker said it will continue to offer customer services at 386 service centers run by its partners while employees at the directly operated service centers will be relocated to other positions to maintain their employment. GM's exit rumors surfaced early this year when US President Donald Trump said he would impose "reciprocal" tariffs on auto imports. The 25 percent auto tariffs went into effect on April 3. GM Korea sold about 500,000 vehicles last year, and approximately 420,000 of them were shipped to the US. If the levies stay, GM Korea is on pace to suffer serious damage to its businesses that heavily rely on US exports. Despite GM's continued denials of plans to withdraw, industry watchers have been warily eyeing the US brand's future business in Korea. For instance, GM Korea said it had no plans to roll out new vehicles at its Korean plants during a presentation on its current business status at its headquarters in Bupyeong last week. The company operates two manufacturing plants -- one in Bupyeong and the other in Changwon, South Gyeongsang Province. It owns another plant in Bupyeong but it has been closed since November 2022. The automaker currently makes only two models in Korea: the Chevrolet Trailblazer, a compact sport utility vehicle, and the Chevrolet Trax, a crossover SUV. 'GM has a deal with the Korean government to continue its operations in Korea through 2027,' said an auto industry official. 'GM has exited Australia, Europe and India by selling off its local manufacturing plants. They could be laying the groundwork for the same action plan in Korea.' In 2018, the Korean government signed a contract with GM for the company to continue its business in the country until the end of 2027, offering GM 810 billion won in financial support amid the US headquarters' global restructuring.
Miami Herald
17-05-2025
- Automotive
- Miami Herald
Chevy Launches Killer Lease Deal on the New 2025 Trax
There's little doubt that the 2025 Chevrolet Trax is the hot hit among affordable SUVs. This is a bit of Target's cheap chic with tires. Its $21,895 starting price is less than half the cost of the average new car, making it the least-expensive SUV that General Motors offers and among the least-expensive two-row SUVs, but you can't tell by its looks. The 2025 Chevrolet Trax's turbocharged three-cylinder engine delivers 137 horsepower through a six-speed automatic transmission to the front wheels. All-wheel drive is not offered. It proves peppy, and the suspension provides enough compliance to deliver a good ride without excessive body lean. An 11-inch infotainment touchscreen with Apple CarPlay and Android Auto connectivity is standard, as is room for five and 25.6 cubic feet of cargo space, expandable to 54 cubic feet. That means you can fill up the Trax with people and stuff without emptying your bank account. While you might consider buying one, you may find leasing to be a better option, particularly when you see the deal Chevrolet is offering. Grabbing a Chevrolet Trax will cost you $279 per month for a 24-month/20,000-mile lease with $2,289 due at signing and no security deposit. If you're GM lease is coming to an end, you'll only need $1,789 down. If you don't have a down payment, the Trax will cost you $375 a month, or $354 if you're a current GM lessee. This is a national lease, so it should be the same regardless of zip code. To be sure, check your local pricing here. The lease price is based on a Trax LT with an MSRP of $23,395, so the lease may be higher if the car is loaded with options. There are certainly some choice ones, including heated front seats, steering wheel and outside mirrors, keyless entry, sunroof, wireless charging, and adaptive cruise control. Also, keep in mind that Chevrolet charges a $395 disposition fee at the end of the lease, and will charge 25¢ per mile if the vehicle is returned with more than 20,000 miles. You can choose to purchase the vehicle at lease end, but you'll need to agree to that price before signing the lease. Finally, when leasing, consider the monthly payment cost, taxes, and fees before signing. Although the 2025 Chevrolet Trax may not appeal to driving enthusiasts, as it doesn't have particularly impressive acceleration or much driver involvement, it does offer what most buyers want: plenty of luggage space, space for five people, and a price that won't break the bank. There was never a more appealing item in the bargain basement. *Disclaimer: This article is provided for informational purposes only. The information presented herein is based on manufacturer-provided lease offer information, which is subject to frequent change and may vary based on location, creditworthiness, and other factors. We are not a party to any lease agreements and assume no liability for the terms, conditions, availability, or accuracy of any lease offers mentioned. All terms, including but not limited to pricing, mileage allowances, and residual values, require direct verification with an authorized local OEM dealership. This article does not constitute financial advice or an endorsement of any particular lease or vehicle. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Miami Herald
16-05-2025
- Automotive
- Miami Herald
Trump's auto tariffs reignite concerns about GM's future in South Korea
SEOUL, South Korea - In South Korea, the Trump administration's 25% tariff on imported cars has sent local automakers Hyundai and Kia scrambling to protect one of the country's most valuable exports. But General Motors, which last year shipped 418,782 units from its factories here to American consumers - or 88.5% of its total sales - may be facing a much larger predicament. Unlike Hyundai and Kia, which control over 90% of the domestic market here, the Detroit-based automaker produces budget SUVs like the Chevrolet Trax or Chevrolet Trailblazer almost exclusively for the U.S. market. The Trax has been South Korea's most-exported car since 2023. That business model has made GM, which operates three factories and employs some 11,000 workers in the country, uniquely exposed to Trump's auto tariffs, resurfacing long-running concerns in the local automobile industry that the company may ultimately pack up and leave. Until last month's tariffs, cars sold between the U.S. and South Korea were untaxed under a bilateral free trade agreement. That helped South Korea become the third-largest automobile exporter to the U.S. last year to the tune of$34.7 billion- or around half of its total automobile exports. In contrast, South Korea bought just $2.1 billion worth of cars from the U.S. Earlier this month, GM executives estimated that the tariffs would cost the company up to $5 billion this year, adding that the company would boost production in its U.S. plants to offset the hit. With additional factories in Mexico and Canada, GM currently imports around half of the cars that it sells in the U.S. "If the U.S. tariffs remain in place, GM will no longer have any reason to stay in South Korea," said Lee Ho-guen, an automotive engineering professor at Daeduk University. "The tariffs may add up to $10,000 to the sticker price on cars shipped to the U.S., while GM sells less than 50,000 units a year in South Korea. There is very little room for them to adjust their strategy." Kim Woong-heon, an official in GM Korea's labor union, said that the union is approaching current rumors of the company's potential exit with a dose of caution, but added that broader concerns about the company's long-term commitment remain. "The cars we're manufacturing here are on the lowest end of GM's price range so labor costs will make it impossible to immediately shift production to the U.S.," he said. "But we have painful memories of GM shutting down one of its factories in 2018, so we get nervous every time these rumors surface." This isn't the first time that GM's prospects in the country have come under question. The company first established itself in South Korea in 2002 by acquiring the bankrupt Daewoo Motor Co. in a government-backed deal that some at the time criticized as "GM taking the cream off Daewoo for almost nothing." Struggling to compete with the likes of Hyundai, GM briefly positioned itself as a production base for European and Asian markets until its bankruptcy in 2009. Amid the global restructuring efforts that followed, concerns that it would close its South Korean operations led the government to once again intervene. In the end, GM stayed after receiving $750 million in financing from the country's development bank on the condition that it would remain open for at least 10 more years. But in 2018, the company closed its factory in the city of Gunsan, which had employed around 1,800 workers, and spun off its research and development unit from its manufacturing base - a move that many saw as the company strategically placing one foot out the door. In February, shortly after President Trump announced the 25% tariffs on foreign-made cars, Paul Jacobson, GM's chief financial officer, hinted that the company may once again be facing similarly tough decisions: "If they become permanent, then there's a whole bunch of different things that you have to think about in terms of, where do you allocate plants, and do you move plants." In recent weeks, executives from GM Korea have sought to assuage the rumors that the company's South Korean operations would be affected. "We do not intend to respond to rumors about the company's exit from Korea," said Gustavo Colossi, GM Korea's vice president of sales, at a news conference last month. "We plan to move forward with our sales strategies in Korea and continue launching new models in the coming weeks and months, introducing fresh GM offerings to the market." The union says the company's two finished car plants have been running at full capacity, with an additional 21,000 units recently allocated to the factory in Incheon, a city off the country's western coast - a sign that business will go on as usual for now. But with GM's 10-year guarantee set to expire in 2027, Kim, the union official, said that their demands for measures that prove the company's commitment beyond that have gone unanswered. These include manufacturing GM's electric and plug-in hybrid vehicles in South Korean factories, as well as making a greater range of its products available for sale in South Korea and other Asian markets. "If the company intends to continue its operations here, it needs to make its business model more sustainable and not as reliant on imports to the U.S.," Kim said. "That will be our core demand at this year's wage and collective bargaining negotiations." GM's immediate prospects in the country will depend on the ongoing tariff talks between U.S. and South Korean officials that began last month with the goal of producing a deal by July 8. Although South Korean trade minister Ahn Duk-geun has stressed that cars are "the most important part of the U.S.-South Korea trade relationship," few expect that Seoul will be able to finesse the sort of deal given to the U.K., which last week secured a 10% rate on the first 100,000 vehicles shipped to the U.S. each year. Unlike South Korea, which posted a $66-billion trade surplus with the U.S. last year, the U.K. buys more from the U.S. than it sells. And many of the cars that it does sell to the U.S. are luxury vehicles such as the Rolls-Royce, which Trump has differentiated from the "monster car companies" that make "millions of cars." "At some point after the next two years, I believe it's highly likely GM will leave and keep only their research and development unit here, or at least significantly cut back on their production," Lee, the automotive professor, said. In the southeastern port city of Changwon, home to the smaller of GM's two finished car plants, local officials have been reluctant to give air to what they describe as premature fearmongering. But Woo Choon-ae, a 62-year-old real estate agent whose clients also include GM workers and their families, can't help but worry. She says that the company's exit would be devastating to the city, which, like many rural areas, has already been under strain from population decline. GM employs 2,800 workers in the region, but accounts for thousands more jobs at its suppliers. The Changwon factory, which manufactures the Trax, represented around 15% of the city's total exports last year. "People work for GM because it offers stable employment until retirement age. If they close the factory here, all of these workers will leave to find work in other cities, which will be a critical blow to the housing market," she said. "Homes are how people save money in South Korea. But if people's savings are suddenly halved, who's going to be spending money on things like dining out?" Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Yahoo
16-05-2025
- Automotive
- Yahoo
Trump's auto tariffs reignite concerns about GM's future in South Korea
In South Korea, the Trump administration's 25% tariff on imported cars has sent local automakers Hyundai and Kia scrambling to protect one of the country's most valuable exports. But General Motors, which last year shipped 418,782 units from its factories here to American consumers — or 88.5% of its total sales — may be facing a much larger predicament. Unlike Hyundai and Kia, which control over 90% of the domestic market here, the Detroit-based automaker produces budget SUVs like the Chevrolet Trax or Chevrolet Trailblazer almost exclusively for the U.S. market. The Trax has been South Korea's most-exported car since 2023. That business model has made GM, which operates three factories and employs some 11,000 workers in the country, uniquely exposed to Trump's auto tariffs, resurfacing long-running concerns in the local automobile industry that the company may ultimately pack up and leave. Until last month's tariffs, cars sold between the U.S. and South Korea were untaxed under a bilateral free trade agreement. That helped South Korea become the third-largest automobile exporter to the U.S. last year to the tune of $34.7 billion — or around half of its total automobile exports. In contrast, South Korea bought just $2.1 billion worth of cars from the U.S. Read more: Tariffs bring shipping slowdown, threatening trucking jobs at L.A. ports Earlier this month, GM executives estimated that the tariffs would cost the company up to $5 billion this year, adding that the company would boost production in its U.S. plants to offset the hit. With additional factories in Mexico and Canada, GM currently imports around half of the cars that it sells in the U.S. 'If the U.S. tariffs remain in place, GM will no longer have any reason to stay in South Korea,' said Lee Ho-guen, an automotive engineering professor at Daeduk University. 'The tariffs may add up to $10,000 to the sticker price on cars shipped to the U.S., while GM sells less than 50,000 units a year in South Korea. There is very little room for them to adjust their strategy.' Kim Woong-heon, an official in GM Korea's labor union, said that the union is approaching current rumors of the company's potential exit with a dose of caution, but added that broader concerns about the company's long-term commitment remain. 'The cars we're manufacturing here are on the lowest end of GM's price range so labor costs will make it impossible to immediately shift production to the U.S.,' he said. 'But we have painful memories of GM shutting down one of its factories in 2018, so we get nervous every time these rumors surface.' This isn't the first time that GM's prospects in the country have come under question. The company first established itself in South Korea in 2002 by acquiring the bankrupt Daewoo Motor Co. in a government-backed deal that some at the time criticized as 'GM taking the cream off Daewoo for almost nothing.' Struggling to compete with the likes of Hyundai, GM briefly positioned itself as a production base for European and Asian markets until its bankruptcy in 2009. Amid the global restructuring efforts that followed, concerns that it would close its South Korean operations led the government to once again intervene. In the end, GM stayed after receiving $750 million in financing from the country's development bank on the condition that it would remain open for at least 10 more years. But in 2018, the company closed its factory in the city of Gunsan, which had employed around 1,800 workers, and spun off its research and development unit from its manufacturing base — a move that many saw as the company strategically placing one foot out the door. In February, shortly after President Trump announced the 25% tariffs on foreign-made cars, Paul Jacobson, GM's chief financial officer, hinted that the company may once again be facing similarly tough decisions: "If they become permanent, then there's a whole bunch of different things that you have to think about in terms of, where do you allocate plants, and do you move plants.' In recent weeks, executives from GM Korea have sought to assuage the rumors that the company's South Korean operations would be affected. Read more: Confused about Trump's tariff policy? Join the club. 'We do not intend to respond to rumors about the company's exit from Korea,' said Gustavo Colossi, GM Korea's vice president of sales, at a news conference last month. 'We plan to move forward with our sales strategies in Korea and continue launching new models in the coming weeks and months, introducing fresh GM offerings to the market.' The union says the company's two finished car plants have been running at full capacity, with an additional 21,000 units recently allocated to the factory in Incheon, a city off the country's western coast — a sign that business will go on as usual for now. But with GM's 10-year guarantee set to expire in 2027, Kim, the union official, said that their demands for measures that prove the company's commitment beyond that have gone unanswered. These include manufacturing GM's electric and plug-in hybrid vehicles in South Korean factories, as well as making a greater range of its products available for sale in South Korea and other Asian markets. 'If the company intends to continue its operations here, it needs to make its business model more sustainable and not as reliant on imports to the U.S.,' Kim said. 'That will be our core demand at this year's wage and collective bargaining negotiations.' GM's immediate prospects in the country will depend on the ongoing tariff talks between U.S. and South Korean officials that began last month with the goal of producing a deal by July 8. Although South Korean trade minister Ahn Duk-geun has stressed that cars are 'the most important part of the U.S.-South Korea trade relationship,' few expect that Seoul will be able to finesse the sort of deal given to the U.K., which last week secured a 10% rate on the first 100,000 vehicles shipped to the U.S. each year. Unlike South Korea, which posted a $66-billion trade surplus with the U.S. last year, the U.K. buys more from the U.S. than it sells. And many of the cars that it does sell to the U.S. are luxury vehicles such as the Rolls-Royce, which Trump has differentiated from the 'monster car companies' that make 'millions of cars.' 'At some point after the next two years, I believe it's highly likely GM will leave and keep only their research and development unit here, or at least significantly cut back on their production,' Lee, the automotive professor, said. In the southeastern port city of Changwon, home to the smaller of GM's two finished car plants, local officials have been reluctant to give air to what they describe as premature fearmongering. Read more: Will South Korea's 'sensitive' country designation impair cooperation with the U.S.? But Woo Choon-ae, a 62-year-old real estate agent whose clients also include GM workers and their families, can't help but worry. She says that the company's exit would be devastating to the city, which, like many rural areas, has already been under strain from population decline. GM employs 2,800 workers in the region, but accounts for thousands more jobs at its suppliers. The Changwon factory, which manufactures the Trax, represented around 15% of the city's total exports last year. 'People work for GM because it offers stable employment until retirement age. If they close the factory here, all of these workers will leave to find work in other cities, which will be a critical blow to the housing market,' she said. 'Homes are how people save money in South Korea. But if people's savings are suddenly halved, who's going to be spending money on things like dining out?' Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times.
Car and Driver
09-05-2025
- Automotive
- Car and Driver
2026 Chevrolet Trax Review, Pricing, and Specs
Overview As one of the most affordable subcompact SUVs on the market, the Chevrolet Trax delivers a high level of value with both style and grace. The Trax's appeal starts with its sharp exterior styling, a theme that continues into its quiet and well-equipped cabin. With heaps of rear legroom for adult passengers and a capacious cargo area for recreational equipment, the Trax's utility is undeniable. So, too, is its pleasant ride quality and surprisingly nimble handling. By deftly blending all those characteristics in a package that costs less than some upscale riding lawnmowers, the Trax is about as good as it gets when it comes to bang for your buck. What's New for 2026? Other than two new exterior colors and changes to package availability, not much. The 2026 Trax's fresh paint options include White Sands and Apex Red. They replace Crimson Metallic and Nitro Yellow Metallic, which are no longer available. A few other options have been deleted from the Trax's order sheet, including the Winter/Summer Mat Package, a cargo area organizer, premium carpeted floor mats, and a highway safety kit. Pricing and Which One to Buy The price of the 2026 Chevrolet Trax is expected to start around $22,000 and go up to $26,000 depending on the trim and options. LS $22,000 (est) 1RS $24,000 (est) LT $25,000 (est) 2RS $26,000 (est) ACTIV $26,000 (est) 0 $10k $20k $30k $40k The Chevy Trax offers some promising extras without coming close to breaking the bank. The LT is the sweet spot between affordability and features. It comes with a big 11.0-inch infotainment touchscreen and remote start, and we'd spend the extra cash for the optional heated front seats and steering wheel. Wireless Apple CarPlay and Android Auto are also standard on LT and up, which makes navigation and playing music from your smartphone a breeze. Engine, Transmission, and Performance The Trax has a modest powertrain consisting of a 137-hp turbocharged 1.2-liter inline-three cylinder engine, a six-speed automatic transmission, and front-wheel drive. All-wheel drive isn't available even as an option. The Trax gets off the line with enough gusto to avoid feeling sluggish around town, but you'll notice the lack of power when merging or passing on the freeway. Still, we prefer its conventional six-speed automatic over the continuously variable transmissions (CVTs) found in many of its rivals, as this transmission shifts smoothly and avoids the droning found in CVT-equipped competitors such as the Honda HR-V and Subaru Crosstrek. Handling is decidedly carlike, and the Trax feels more agile than many of its rivals. Its brake pedal feels reassuringly firm underfoot, and the steering is predictable and relatively communicative given its basic-transportation mission. 0–60-MPH Times The Trax got to 60 mph in 8.8 seconds in our testing, which is slower than some competitors but acceptable by the admittedly low performance standards of the subcompact SUV segment. View Photos Marc Urbano | Car and Driver Fuel Economy and Real-World MPG While the EPA hasn't released any fuel economy information for the 2026 Chevy Trax yet, last year's model earned EPA estimates of 28 mpg in the city and 32 mpg on the highway. On our 75-mph highway fuel-economy route, the Trax returned 30 mpg. For more information about the Trax's fuel economy, visit the EPA's website. Interior, Comfort, and Cargo The Trax has a pleasant enough and easy-to-use interior with a good amount of space for drivers and passengers. Its driver-facing infotainment screen and climate controls are neatly placed, and the rest of the interior is made up of the unexceptional materials expected in this affordable segment. Compared with the old model, the Trax has a longer wheelbase than before, which has resulted in additional rear legroom and more cargo space. Its driving position also feels much lower this time around and more carlike, which we consider a plus. While tech luxuries such as remote start, heated front seats and steering wheel, and a sunroof are trim-dependent, these features help liven up the cabin. View Photos Marc Urbano | Car and Driver Infotainment and Connectivity Chevy gives the Trax LS and 1RS trims an 8.0-inch infotainment touchscreen as standard equipment, which is already a larger unit than what was previously offered on the fanciest version of the previous generation. An 11.0-inch infotainment touchscreen comes on trims LT and up and includes an 8.0-inch digital gauge cluster. Connectivity features include wireless Apple CarPlay and Android Auto, an available wireless phone charger, and a Wi-Fi hotspot. Safety and Driver-Assistance Features Every Trax comes standard with the Chevy Safety Assist driver-assistance suite. For more information about the Trax's crash-test results, visit the National Highway Traffic Safety Administration (NHTSA) and Insurance Institute for Highway Safety (IIHS) websites. Key safety features include: Standard automated emergency braking with pedestrian detection Standard lane-departure warning and lane-keeping assist Available adaptive cruise control Warranty and Maintenance Coverage Chevy's basic warranty package is just that—basic—but so is the coverage of its competitors. The Kia Soul and its corporate cousin, the Hyundai Kona, both offer longer protection plans. Chevy also provides one free dealer maintenance visit within the first year of ownership, which is a nice perk. Limited warranty covers three years or 36,000 miles Powertrain warranty covers five years or 60,000 miles Complimentary maintenance is covered for the first visit Specifications Specifications 2024 Chevrolet Trax Vehicle Type: front-engine, front-wheel-drive, 5-passenger, 4-door wagon PRICE Base/As Tested: $21,495/$26,685 Options: Activ trim (keyless entry, push-button start, heated steering wheel, body-color grille insert, black mirror caps, 18-inch wheels, 11.0-inch infotainment touchscreen, six-speaker stereo, 8.0-inch digital instrument cluster, eight-way power driver's seat), $3500; Sunroof package (power sliding sunroof and inductive phone charging), $895; Driver Confidence package (rear cross traffic, lane-change and blind-sport alert, adaptive cruise control), $795 ENGINE turbocharged and intercooled DOHC 12-valve inline-3, aluminum block and head, direct fuel injection Displacement: 73 in3, 1193 cm3 Power: 137 hp @ 5000 rpm Torque: 162 lb-ft @ 2500 rpm TRANSMISSION 6-speed automatic CHASSIS Suspension, F/R: struts/torsion beam Brakes, F/R: 11.8-in vented disc/10.6-in disc Tires: Goodyear Assurance Finesse 225/55R-18 98H M+S TPC 3179MS DIMENSIONS Wheelbase: 106.3 in Length: 178.6 in Width: 71.8 in Height: 61.4 in Passenger Volume, F/R: 54/44 ft3 Cargo Volume, Behind F/R: 54/26 ft3 Curb Weight: 3069 lb C/D TEST RESULTS 60 mph: 8.8 sec 1/4-Mile: 16.8 sec @ 81 mph 100 mph: 30.5 sec Results above omit 1-ft rollout of 0.4 sec. Rolling Start, 5–60 mph: 9.5 sec Top Gear, 30–50 mph: 4.8 sec Top Gear, 50–70 mph: 6.4 sec Top Speed (C/D est): 115 mph Braking, 70–0 mph: 180 ft Roadholding, 300-ft Skidpad: 0.84 g C/D FUEL ECONOMY Observed: 25 mpg 75-mph Highway Driving: 30 mpg 75-mph Highway Range: 390 mi EPA FUEL ECONOMY Combined/City/Highway: 30/28/32 mpg C/D TESTING EXPLAINED More Features and Specs
