한국GM is set to revitalize its domestic market by introducing the global premium automotive brand Buick. The company aims to broaden customer choices through a multi-brand strategy to overcome its recent sales slump. With no plug-in hybrid (PHEV) models currently available among domestic automakers, the introduction of Buick could capture a niche demand for electrification.
On September 30, 한국GM held a media showcase at the Dongdaemun Design Plaza in Seoul, unveiling the first domestic model of Buick, the 'Electra E7.' This marks the first time Buick has entered the South Korean market. Pre-orders began on the same day, with sales set to officially launch in November.
The Electra E7 is a mid-size SUV that can function as either a fully electric vehicle or a conventional internal combustion engine vehicle. It combines a 1.5-liter naturally aspirated engine with a 165 kW drive motor. In electric vehicle mode, it can travel up to 126 km on a combined basis, and when using both the electric motor and engine, it can exceed 1,000 km. This means it can make a round trip between Seoul and Busan without needing to refuel.
The introduction of Buick is a response to the sluggish domestic market. 한국GM produces models like the Trax crossover and Trailblazer, but its performance has been heavily reliant on exports. From January to August, domestic sales totaled 6,768 units, a mere one-fiftieth of its export figure of 333,916 units. Compared to the same period last year, domestic sales fell by 35.9%, while overseas sales increased by 14.3%. This has fueled ongoing speculation about GM's potential withdrawal from South Korea.
With the introduction of Buick, the company aims to accelerate its multi-brand strategy. South Korea is the second international market for Buick after North America and the first market outside North America to feature all four of GM's product brands: Chevrolet, Cadillac, GMC, and Buick.
Hector Bejarano, President of 한국GM, stated, "The launch of Buick in South Korea demonstrates GM's ongoing commitment to the Korean market. We will continue to sell through our four brands and have high expectations for this venture."
In response to questions about the differences among premium brands, Lee Eun-jung, Senior Vice President of Marketing at 한국GM, noted, "Cadillac targets a more upscale customer base, while GMC focuses on outdoor lifestyle customers with its pickup and SUV offerings. The Electra E7 is designed to meet the high standards of Korean customers, making it the most preferred mid-size SUV in the country."
Bejarano emphasized the quality of the Electra E7, stating, "The batteries are manufactured at a joint venture in Shanghai GM, which has extensive experience in developing eco-friendly vehicles. This product has been thoroughly validated, ensuring that the Electra E7 is of very high quality."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.