US car brand Chevrolet is to enter Korea, its owner General Motors confirmed April 28.
Speaking at the opening of the Busan International Motor Show in South Korea, GM Daewoo boss Mike Arcamone described the move as key to the "long-term success" of the Chevrolet brand.
He also introduced the 2011 Chevrolet Camaro, a best-selling model that will hit Korean showrooms for the first time in 2011.
"According to our market research, half of all Koreans are familiar with the brand," said Arcamone. "More than 80 percent are aware of Chevrolet's distinctive logo. This is indicative of the positive brand image that already exists among consumers in Korea toward Chevrolet."
Also at the show, Hyundai, Korea's largest automaker, introduced a new version of its Elantra compact, boasting a 1.6-liter gasoline engine and a six-speed automatic transmission. The model's fuel efficiency will be 10 percent better than that of rival models, said Hyundai representatives at the launch.
Fellow South Korean brand Kia has also unveiled the new K5 sedan, boasting either a 2-liter or 2.4-liter gasoline engine and priced from 15.8 million won (€10,692) to 29.7 million won (€20,098) in South Korea.
The Busan International Motor Show runs until May 9 in Busan, South Korea.