SEOUL, Feb. 28 (Korea Bizwire) — GM Korea Co., the South Korean unit of General Motors Co., froze the base wages for 500 executives and team leaders early this year in a drive to cut costs ahead of a local plant shutdown, the company said Wednesday. As the 500 workforce does not belong to GM [...]
SEOUL, Feb. 27 (Korea Bizwire) — The South Korean government will have to make a tough decision on whether to inject fresh funding into General Motors to help continue its Korean operation amid heated debates over whether it would be a lifeline for a sustainable business or a painkiller for recurring headaches, officials and policymakers [...]
SEJONG, Feb. 26 (Korea Bizwire) – South Korea will decide whether to provide tax benefits for General Motors Co.’s Korean unit after looking into its new investment plans, including the allocation of new models for production, a senior government official said Monday. GM plans to close its underutilized Gunsan factory in the country’s southwest by May, saying it will decide the fate of its three other Korean factories after [...]
SEOUL, Feb. 20 (Korea Bizwire) — Securing meaningful production volume of a new vehicle model will be a critical factor in GM Korea Co.’s continuing presence in South Korea, industry sources said Tuesday. Last week, the local carmaker’s parent, General Motors Co., announced it will shut down its underutilized plant in Gunsan, one of the [...]
SEOUL, Feb. 19 (Korea Bizwire) — The current situation pertaining to GM Korea is reminding auto industry veterans of the struggles of SsangYong Motor a decade ago, except a similar result this time around promises to wreak greater harm on the national economy. Once briefly owned by Daewoo Motors, SsangYong Motor was put on the [...]
SEOUL, Feb. 19 (Korea Bizwire) — South Korea’s general public and industry experts are divided over how to handle the unfolding crisis at GM Korea Co., which announced plans to close one of its four car assembly lines in the country, observers here said Sunday. The differing views comes as the South Korean unit of [...]
WASHINGTON, Feb. 14 (Korea Bizwire) — U.S. President Donald Trump on Tuesday hailed General Motors Co.’s decision to shut down a plant in South Korea, saying the carmaker will now “move back” to Detroit. GM announced the same day that it will close one of its four car assembly plants in South Korea by the [...]
SEOUL, Feb. 14 (Korea Bizwire) — GM Korea Co. management and its union gave very different reasons for the move to close down a vehicle production plant here, signaling future clashes to come. On Tuesday, the South Korean unit of General Motors Co., said it will shut down one of its four plants in South [...]
SEOUL, Feb. 13 (Korea Bizwire) – GM Korea’s decision to close one of its manufacturing plants is expected to undercut the South Korean automobile industry’s competitiveness on the world stage. Reports that General Motors will shutter its Gunsan facility – one of its four car assembly plants in South Korea – over low demand come [...]
SEOUL, Feb. 13 (Korea Bizwire) — General Motors Co. will shut down one of its four car assembly plants in South Korea by the end of May due to lower demand for its vehicles, the local unit of the U.S. carmaker said Tuesday. The plant to be closed is in Gunsan, 270 kilometers south of [...]