SEOUL, Jul. 20 (Korea Bizwire) — General Motors Co. will invest US$50 million (57 billion won) to expand its main plant in South Korea as it strives to put its loss-making Korean unit back on track, GM Korea Co. said Friday. GM, which owns a 77 percent stake in GM Korea, will make the investment [...]
BUSAN, Jun. 6 (Korea Bizwire) — GM Korea Co., the South Korean unit of General Motors Co., said Wednesday it will launch two Chevrolet sport utility vehicles in the domestic market to revive its lackluster sales. “The Equinox (midsize SUV) will go on sale in the Korean market on Thursday. The Traverse (large-size SUV) will [...]
SEOUL, May 31 (Korea Bizwire) — General Motors Co., the parent company of GM Korea Co., on Thursday shut down one of its plants in South Korea as it moves to restructure its operations at home and abroad. The 260,000-unit-a-year plant in Gunsan, about 270 kilometers southeast of Seoul, was hit hard by GM’s decision [...]
SEOUL, May 15 (Korea Bizwire) — GM’s Chevrolet announced the launch of its “Never Give Up” campaign yesterday. Starting this month, a single car will be donated for every 1,000 vehicles sold as part of the campaign. Barry Engle (president of GM International), Kaher Kazem (president and CEO of GM Korea), Yoo Jeong-bok (mayor of [...]
SEOUL, May 13 (Korea Bizwire) — GM Korea Co. aims to return to profit next year as the South Korean unit of General Motors Co. expects investment in new vehicles and reduced debts will help improve its financial status, the company said Saturday. In the four years through 2017, GM Korea posted more than 3.134 [...]
INCHEON, May 3 (Korea Bizwire) — Temporary employees at GM Korea were not included in the negotiation process between GM Korea and its labor union concerning wages. Nor were they included in the talks between GM Korea and the government on a recapitalization deal. The new deals for GM Korea did not leave the some-2,000 [...]
SEOUL, April 23 (Korea Bizwire) – Union workers at GM Korea Co. on Monday accepted tough restructuring measures that will allow the company to stay clear of court receivership, although many hurdles still remain on the carmaker’s path toward a turnaround. After nearly three months of negotiations, the South Korean unit of General Motors Co. [...]
SEOUL, Apr. 23 (Korea Bizwire) — GM Korea Co. the local unit of leading U.S. automaker is capable of pulling off an overall surplus in its business operations in 2020 if all sides can agree to a comprehensive restructuring plan, a preliminary report said Sunday. According to financial market sources, the due diligence being carried [...]
SEOUL/INCHEON, April 19 (Korea Bizwire) – General Motor Co.’s South Korean unit and its labor union have been holding last-minute negotiations on Thursday over a turnaround plan, a day before the deadline that would see GM Korea file for bankruptcy. The Detroit automaker, which announced in February that it will shut down its Gunsan plant by May, has said GM Korea will file for [...]
SEOUL, Apr. 15 (Korea Bizwire) — U.S. automobile giant General Motors Co. hinted at possible willingness to withdraw the planned debt-for-equity swap for GM Korea Co., in an apparent bid to induce the state creditor to pump more cash into the financially-troubled South Korean unit, industry sources said Sunday. According to the sources, GM Executive [...]