Latest news with #GustavoColossi
Miami Herald
3 days ago
- Automotive
- Miami Herald
GM Korea posts 20% sales growth in May
SEOUL, June 4 (UPI) -- General Motors Korea's sales in May jumped more than 20% despite concerns that the automaker may leave South Korea amid U.S. tariff pressures. The automaker said Tuesday that it sold 50,029 units last month, up 20.13% compared to April. The Chevrolet Trax Crossover and its derivatives posted record monthly sales of 32,232 units, up 30.12%. The Chevrolet Trailblazer also cruised well, logging global sales of 16,389 units, up 16.26% month-on-month. The solid performance was comparable to the struggle of its local rivals. The country's major carmakers like Hyundai Motor, Kia, and Renault Samsung saw their sales decline in May. "The Chevrolet Trax Crossover and Trailblazer, fully led by GM Korea from development, continue to receive positive feedback in global markets thanks to their outstanding quality and product value," GM Korea Vice President Gustavo Colossi said. However, concerns persist as the 25% tariff imposed by the Trump administration on imported vehicles is feared to weigh on GM Korea, which exports more than 80% of its vehicles to the U.S. market. Against this backdrop, GM Korea's recent decision to sell off all of its service centers and underutilized facilities fueled speculation about its potential withdrawal. Although GM Korea reiterates its commitment to operations here and denies any immediate plans to exit from the country, uncertainty looms about the company's future, according to experts. "I don't think that GM Korea would pull out any time soon as it invested billions of dollars here in recent years. But if the high tariff continues, the company may be forced to reconsider its strategy," Daelim University automotive professor Kim Pil-soo told UPI. "The newly elected president should hurry to strike a deal with the U.S. government so that the tariff will fall below 10%. Then, GM Korea's operation will become sustainable," he said. Lee Jae-myung from the main opposition Democratic Party won a presidential election Tuesday to become the country's 21st state head. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
3 days ago
- Automotive
- UPI
GM Korea posts 20% sales growth in May
SEOUL, June 4 (UPI) -- General Motors Korea's sales in May jumped more than 20% despite concerns that the automaker may leave South Korea amid U.S. tariff pressures. The automaker said Tuesday that it sold 50,029 units last month, up 20.13% compared to April. The Chevrolet Trax Crossover and its derivatives posted record monthly sales of 32,232 units, up 30.12%. The Chevrolet Trailblazer also cruised well, logging global sales of 16,389 units, up 16.26% month-on-month. The solid performance was comparable to the struggle of its local rivals. The country's major carmakers like Hyundai Motor, Kia, and Renault Samsung saw their sales decline in May. "The Chevrolet Trax Crossover and Trailblazer, fully led by GM Korea from development, continue to receive positive feedback in global markets thanks to their outstanding quality and product value," GM Korea Vice President Gustavo Colossi said. However, concerns persist as the 25% tariff imposed by the Trump administration on imported vehicles is feared to weigh on GM Korea, which exports more than 80% of its vehicles to the U.S. market. Against this backdrop, GM Korea's recent decision to sell off all of its service centers and underutilized facilities fueled speculation about its potential withdrawal. Although GM Korea reiterates its commitment to operations here and denies any immediate plans to exit from the country, uncertainty looms about the company's future, according to experts. "I don't think that GM Korea would pull out any time soon as it invested billions of dollars here in recent years. But if the high tariff continues, the company may be forced to reconsider its strategy," Daelim University automotive professor Kim Pil-soo told UPI. "The newly elected president should hurry to strike a deal with the U.S. government so that the tariff will fall below 10%. Then, GM Korea's operation will become sustainable," he said. Lee Jae-myung from the main opposition Democratic Party won a presidential election Tuesday to become the country's 21st state head.
