April 03, 2018 10:34
GM Korea's domestic sales more than halved in March from a year ago.
GM Korea on Monday said it just sold 6,272 cars here last month, down 57.6 percent on-year. In February, when the ailing carmaker announced it is shutting down a factory in Gunsan, North Jeolla Province, sales dropped 48.3 percent.
Once the country's third-largest carmaker in terms of local sales, GM Korea now ranks last.
The drop in sales was largely due to weak demand for its top models.
It sold a mere 909 Malibu midsize sedans in March, down 75 percent from 3,616 a year earlier, and some 566 Cruze hatchbacks, down 73.6 percent on-year. Sales of the Spark subcompact also declined 42.1 percent to 2,518.
GM Korea's brand value has plummeted accordingly. According to evaluator Brandstock, the Spark, which ranked 57th among Korea's top 100 brands last year, was not on the list for the first quarter of this year.
The number of its dealerships dwindled from 300 in April last year to 285 in early March, and 21 percent of sales reps were let go.
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