GM Korea experienced a significant setback in November as vehicle sales plunged to their lowest level in two decades, falling below 1,000 units. This collapse in the domestic market allowed Chinese electric-vehicle manufacturer BYD to overtake GM Korea in local sales, highlighting intensifying competition and a notable market shift.
The sharp decline in domestic demand has brought GM Korea’s future into focus. Despite this, the company denies speculation regarding a withdrawal from the country.
GM maintains that its Korean factories remain crucial to its global supply chain. These facilities primarily support the export of compact SUVs and EV components. However, overall sales for GM Korea, including exports, also saw a year-over-year decline during November.