Saturn Sky-based GM Daewoo G2X on Sale Next Month...For Almost Double The Price?

[Ming]

GM Daewoo Chief Executive Officer Michael Grimaldi, right, poses with models beside the “G2X” roadster in a photo session after the press conference launching the new model in Yeongjong-do island, Incheon, Thursday.
/ Korea Times


GM Daewoo to Begin Selling Roadster ‘G2X’
By Ryu Jin
08-23-2007
Staff Reporter

YEONGJONG-DO, Incheon _ GM Daewoo Auto & Technology said Thursday that it will begin selling its new ``G2X'' roadster, the famous Saturn Sky with a different badge, from next month. GM Daewoo aims to sell more than 400 units of the vehicle a year.

With young local motorists pursuing both speed and style as their main target, the G2X (Go to Extreme) is a two-seat sports car, which was first unveiled in South Korea at last year's Busan Motor Show.

Saturn Sky is the world's renowned roadster manufactured by Saturn Corp., a sister company of the U.S. auto giant General Motors. GM Daewoo, South Korea's third-largest automaker, is owned by GM and its partners.

``Now our customers here will see the most exciting new product in GM Daewoo's short five-year history: the hot, sizzling, new G2X,'' GM Daewoo Chief Executive Officer Michael Grimaldi said in a launching ceremony on Yeongjong island, west of Seoul.

GM Daewoo said that the re-badged version of the Saturn Sky roadster will be sold with the G2X mark in the South Korean market starting Sept. 1 for 43.9 million won ($46,600).

GM Daewoo officials said the introduction of the G2X is a good example of GM Daewoo's synergy effect as a family member of GM. Lee Hyun-il, executive director for marketing, said the company has a sales target of 400 units per year.

But the newcomer has already found itself in a controversy over its price _ it sells for $46,600 in South Korea, almost double the price of $26,000-$29,000 in the United States.

``We cannot disclose the concrete cost structure. But we think the price is not that high when dealer margins as well as various taxes and tariffs are taken into account,'' a GM Daewoo official said on condition of anonymity.

SOURCE: http://www.koreatimes.co.kr/www/news.../123_8875.html

[jkennedy293]

This is not uncommon. Most cars that are sold in the UK are double what they would be sold for here, when you convert British pounds to dollars. It is just a function of conversion rates. You have to look at how much 43.9 million won buys in Korea, not how much it buys in the US.

[Whitesky]

I'll sell them mine for $40k.

[mgescuro]

Originally Posted by Whitesky

I'll sell them mine for $40k.

You have a Redline??

[Whitesky]

Originally Posted by mgescuro

You have a Redline??

No, got mine too early. Fine, they can have it for $35k.

[usa1]

"But we think the price is not that high when dealer margins as well as various taxes and tariffs are taken into account".

Good to see the Korean marketplace is open for imports.

Why aren't Korean consumers pissed off by their closed markets? Maybe they understand the value of an automotive industry. I don't support tarrifs on imports to the US in general, but if we should match other countries tarriffs tit for tat when we know they are exploiting our market and hurting our industry.

Mark

[bcjohnso99]

It is more relevant to compare prices in terms of income, not straight currency conversion. Of course, I don't care enough to actually do it

[mbukukanyau]

Its called Taxes

[mcool]

Go for it GM, sell them at whatever price the market will bear. 400 units isn't too numerous.

[steverino]

payback for cheap Korean imported goods that find their way to Wal-mart

[paul38469]

That article is written very poorly. And it has a V4 engine, huh?

[69Firebird400]

I really hope this has nothing to do with import tariffs, because if so, all Hyundais and Kias imported to the US from South Korea should immediately be slapped with the identical tariff.

[AndrewGS]

I like the model to the picture left, the one looking directly at me through the camera.

Oh, and the car is nice too. Who'd a thought we'd ever see an American-made Daewoo?

[goblue1999]

Originally Posted by jkennedy293

This is not uncommon. Most cars that are sold in the UK are double what they would be sold for here, when you convert British pounds to dollars. It is just a function of conversion rates. You have to look at how much 43.9 million won buys in Korea, not how much it buys in the US.

Not to mention the jack that the FedEX man gets for shipping them from Delaware.

[goblue1999]

Originally Posted by paul38469

That article is written very poorly. And it has a V4 engine, huh?

A good part of the "poorly written" part is likely due to the language translation.