The move will only affect the South Korean market, as most other markets have already adopted the Chevrolet nameplate for existing Daewoo-produced vehicles. The company that is currently called GM Daewoo in South Korea will be renamed GM Korea, "to reflect its heightened status in global operations of GM."

In order to assist with the transition, GM will launch a series of new models under the Chevrolet name in South Korea, such as the Camaro, Orlando and Aveo. GM has also promised a new SUV and midsized sedan to add to the line-up, and the change will begin from March 2011.

According to Mike Arcamone, President and CEO of GM Daewoo, "Changing our corporate name will increase our standing within GM globally while demonstrating our commitment to growing locally." He added, "With the significant changes that we are announcing today, our goal is to increase our domestic sales and market share, generate additional revenue, strengthen our relationship with the customers, create new jobs and expand our presence in Korea. We regard these moves as a key to our long-term success and fundamentally believe they will also bring added benefits to our customers and the Korean economy."