Automotive giant General Motors Co. (GM, GMM.TO) Monday said that first-quarter sales of its Chevrolet brand rose 15 percent, driven by the strength of Chevrolet Curze, new product lines and the expansion in Korea.
In the first quarter, Chevrolet sold 1.1 million vehicles worldwide.
Total sales of Chevrolet Curze reached 150,652 units, an increase of 117 percent from the same quarter of 2010, reflecting its successful launch in the U.S. and continued growth in China.
Commenting on the results, Joel Ewanick, GM Global Chief Marketing Officer, stated, "Our first quarter results are a clear indication that consumers are responding to our new product line, which only happens when you truly listen to the customer. Chevrolet has developed strong connections with consumers in key markets across South America, Europe, and Asia."
In the U.S., Chevrolet's first-quarter sales rose 23 percent to 416,505 vehicles. The brand was also able to post higher sales in Mexico and Argentina, with growths of 12 percent and 21 percent, respectively. Meanwhile, sales in Brazil dropped 9 percent.
Helped by market share gains in nine markets, Chevrolet's Europe sales rose 7 percent to 112,482 vehicles. While sales doubled in Denmark and Turkey, France posted an 80 percent sales growth and Russia delivered a 51 percent increase, GM noted.
Further, Chevrolet's sales in China reached 159,303 vehicles, up 17 percent from the year-ago first quarter.
GM said Chevrolet has replaced GM Daewoo as the company's main brand in Korea in March, with sales climbing 60 percent from the previous month, led by the launch of products such as the Orlando, Spark and Cruze. Additional models such as the Captiva SUV and Cruze hatchback will soon be introduced in Korea.
Going ahead, GM expects Cruze sales to continue to grow with the addition of the Cruze hatchback, which will go on sale this summer in Europe, followed by other markets around the world.
Chevrolet Spark mini-car and Aveo/Sonic small car will also be introduced in additional countries throughout 2011 and 2012. The Chevrolet Malibu midsize car will soon be arriving at dealerships.
GM closed Friday's trading at $30.24, down $0.34, on a volume of 9.88 million shares.
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