SEOUL, Apr. 9 (Korea Bizwire) — The South Korean unit of the U.S. auto giant GM Motors is currently facing difficulties paying its workers and subcontract companies as it faces a serious liquidity crunch, industry watchers said Sunday. According to corporate sources, Kaher Kazem, the CEO of GM Korea, recently organized a staff meeting, where [...]
SEOUL, April 6 (Korea Bizwire) – The South Korean government on Friday urged General Motors’ Korean unit to resume negotiations with its labor union to normalize its business as an intensifying labor dispute is complicating the automaker’s turnaround plan. A tug-of-war between GM Korea and its workers has turned more combative after some union leaders took over the office of GM Korea President Kaher Kazem at the [...]
SEOUL, April 5 (Korea Bizwire) – The head of GM Korea Co., the South Korean unit of General Motors Co., said on Thursday the company now faces a cash crisis and cannot pay bonuses as agreed upon in the 2017 wage agreement. In a message sent to employees, GM Korea President and Chief Executive Kaher [...]
SEOUL, Apr. 2 (Korea Bizwire) – GM Korea’s brand value has taken a hit amid a plant shutdown and labor-management conflicts, with its Chevrolet Spark and Malibu models slipping in the rankings. According to data released by Brandstock on Sunday, the Chevrolet Spark failed to rank in the top 100 most valuable brands in the South [...]
SEOUL, March 29 (Korea Bizwire) – The chief executive officer of GM Korea Co. has called on its labor union to conclude ongoing wage negotiations by the end of March to help turn around the ailing carmaker, industry sources said Thursday. GM Korea and its labor union have made little progress in the wage talks deemed crucial to the [...]
SEOUL, March 27 (Korea Bizwire) – An official from General Motors Co. has asked the union of its South Korean unit to accept the company’s latest wage offers to avoid bankruptcy, GM Korea said Tuesday. In a closed meeting with union leaders on Monday, GM Executive Vice President Barry Engle said the two sides badly need to sign a wage offer by the end of this month, even [...]
SEOUL, March 21 (Korea Bizwire) – GM Korea Co., the South Korean unit of General Motors Co., on Wednesday offered a revised wage package to its workers that was not well-received by the union. “The company’s revised offers are not worthy of comment. We outlined our demands to the company yesterday, but management didn’t even [...]
SEOUL, March 15 (Korea Bizwire) — Unionized workers at GM Korea Co. said Thursday they can accept the wage freeze and no bonuses demanded by the carmaker’s parent firm General Motors Co. in joint efforts to turn the loss-making Korean unit around. But the union’s proposals are on the condition that GM cancels its unilateral [...]
SEOUL, March 8 (Korea Bizwire) – The state-run Korea Development Bank (KDB) said Thursday it will not pump new funds into the South Korean unit of General Motors Co. unless the U.S. automaker discloses the cost structure of GM Korea Co. Lee Dong-gull, chairman and CEO of KDB, which holds a 17 percent stake in GM Korea, told reporters that a due diligence for GM Korea has [...]
SEOUL, Mar. 5 (Korea Bizwire) — Sales of vehicles made at GM Korea’s plant in the southern city of Changwon have plunged 40 percent over the last four years, industry data showed Monday, casting doubt on its future viability. GM Korea’s Changwon plant produces the Spark city car, and Damas and Labo small commercial vehicles. [...]