GM Daewoo Unveils New Flagship Sedan, Aims to Overtake Kia Motors

Seoul-based GM Daewoo Auto & Technology Co. has unveiled its new flagship sedan, the Tosca, in a bid to overtake Kia Motors Corp. as South Korea's No. 2 automaker. The Tosca model, priced between 16.4 million won and 24.79 million won, is 1 million won cheaper than its main rivals, Hyundai Motor Co.'s NF Sonata and Renault Samsung Motors Co.'s SM5. The company aims to sell 40,000 Tosca sedans this year, according to a report by Internet news provider Edaily, citing GM Daewoo chief executive Nick Reilly.

Key Takeaways:

• The Tosca model is priced from 16.4 million won to 24.79 million won in South Korea, depending on accessories and the type of engine.
• The new sedan is equipped with an automatic transmission built by Japanese auto parts maker Aisin Seiki Co.
• GM Daewoo is targeting 40,000 sales of the Tosca sedan this year, according to Edaily.
• The company aims to become South Korea's No. 2 automaker, overtaking Kia Motors Corp.
• GM Daewoo sold 1.15 million cars at home and abroad last year, representing year-on-year growth of 28.6 percent.
• Kia Motors sold 1.26 million vehicles in the same period, up 13.9 percent from a year ago.

Statistics:

• GM Daewoo sold 1.15 million cars at home and abroad last year.
• Kia Motors sold 1.26 million vehicles in the same period.
• The Tosca model is priced 1 million won cheaper than Hyundai Motor Co.'s NF Sonata and Renault Samsung Motors Co.'s SM5.
• The white-collar sales target for the Tosca sedan is set at 40,000 units.

Sources:

• Yonhap
• Edaily
• GM Daewoo press release