Thursday, September 04, 2008

Korea's GM Daewoo Launches New Large Sedan

The Korean luxury market is competitive. In addition to each of Korea's 5 automakers offering a luxury car, imports are popular. Here's GM Daewoo's new sedan. It's a rebadge of the Australian Holden WM Caprice, the Veritas replaces the GM Daewoo Statesman that was on sale since 2005

Korea media notes: GM Daewoo Unveils New Large Sedan

GM Daewoo Auto & Technology Co., a unit of General Motors Corp., unveiled its new large sedan on Thursday [9-4-08] as it looks for ways to stimulate fragile demand in South Korea and compete with local stronghold Hyundai Motor Co.

The Veritas sedan will "open a new chapter for GM Daewoo's product lineup," said the GM Daewoo President and CEO Michael Grimaldi, in a Korean-language statement, without giving a sales target.

The new sedan uses a 3.6-liter gasoline engine and was jointly developed with Holden of Australia, another subsidiary of GM.

The new car, which will be available for sale in South Korea from next month, is priced from 46.5 million won (US$40,800) to 57.8 million won, depending on accessories, GM Daewoo said in the statement.

GM Daewoo was set up in 2002 after GM acquired Daewoo Motor Co., the automobile unit of the Daewoo Group.

GM owns a 50.9 per cent stake in the unlisted GM Daewoo, which sold 1.52 million vehicles last yea

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