GM Korea needs to survive in long-term, says South Korea minister
South Korea’s finance minister stated on Monday that public funds could only be utilize to favor the South Korean auto unit of General Motors if it was obvious that the business could survive on its own long-term. Discussing with reporters following a policy meeting in Seoul, Kim Dong-yeon stated major shareholders and other parties involved
- Published in General Motors
General Motors sticks to April 20 deadline for South Korea restructuring
General Motors’ president stated common ground must be reached on a long-term financial restructuring of the automaker’s South Korean auto unit by next Friday and if there has been none, the operation would likely look forward to bankruptcy protection. The automaker shocked the country in February with strategies to close one local plant and leaving
- Published in General Motors
South Korea prompts General Motors union to reach wage deal
South Korea on Friday prompted General Motors’s local subsidiary and labor union to gain a wage deal swiftly, adding the government will be able to talk about support for the money-losing unit on condition of an agreement. General Motors, which in February declared it would shut one of its South Korean factories, stated it will
- Published in General Motors
South Korea declares industrial crisis in Gunsan, where GM factory is closing
South Korea has designated the city of Gunsan an ‘industrial crisis zone’, extending its support for the area after plans by General Motors to close a plant as well as the shut down of a shipyard last year. The new designation gives broader financial support to employees and businesses, and is one notch above its
- Published in General Motors
General Motors to stop producing Chevrolet Sonic Subcompact car
General Motors is going to stop producing its subcompact Chevrolet Sonic by as early 2019, the Wall Street Journal reported, mentioning people knowledgeable about the matter. While GM is also preparing to discontinue Chevrolet Impala in upcoming years, Ford Motor is also going to stop making the Fiesta small car for the U.S. market by
- Published in Chevrolet, General Motors
General Motors to stop monthly U.S. vehicle sales reports
General Motors stated on Tuesday it will stop reporting every month about U.S. vehicle sales, adding the 30-day snapshot does not accurately show the market and the company will, instead, issue quarterly sales reports. The automaker will also no longer report monthly sales in China and Brazil. The company will provide monthly data to the
- Published in General Motors
General Motors Korea sales dive, plans to postpone one shift in Bupyeong
General Motors’s South Korean unit has proposed postponing one of two shifts at a plant close to Seoul, an internal union newsletter observed by Reuters showed, boosting uncertainty about the fate of the factory as the U.S. automaker grapples with falling sales. GM Korea stated on Monday its domestic sales for March more than halved
- Published in General Motors
GM’s South Korean unit to file for bankruptcy if no union agree with cost cut
General Motors stated its loss-making South Korean unit will file for bankruptcy if its union did not agree to cut labor costs by April 20, piling pressure on workers and the South Korean government to quickly agree a rescue plan. The automaker stated in February it would close one of its four plants in South
- Published in General Motors
General Motors factory worker in South Korea commits suicide
A 47-year-old worker at a South Korean plant of General Motors was found dead in a suspected suicide after submitting for a voluntary redundancy program of the U.S. automaker’s ailing unit, union officials and police stated on Sunday. Automaker plans to close its Gunsan plant by May and nearly 2,500 workers, or about 15 percent
- Published in General Motors
GM CEO Mary Barra meets with U.S. regulators on fuel efficiency rules
General Motors chairman and CEO Mary Barra met on Tuesday with U.S. regulative chiefs, weeks before the Trump administration prepares to decide whether to modify landmark fuel effectiveness requirements through 2025. After Reuters found out about the meetings, GM representative Pat Morrissey confirmed Barra had met the heads of the Environmental Protection Agency (EPA) and
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General Motors president says ‘shared sacrifice’ needed to fix South Korean operations
General Motors President Dan Ammann stated on Monday the automaker’s troubled South Korean operations can be a “sustainable, successful business,” if unions and the South Korean government concur soon on a restructuring. GM has cautioned Korean officials the unit deals with a “cash crisis” in the first quarter without new financing. Almost 2 trillion won
- Published in General Motors
General Motors confirms details of investment in South Korea business
General Motors confirmed information about a proposed investment in its loss-making South Korean company on Friday, however stated it went through support from Seoul and GM’s Korean union. GM Korea stated that without new financing from its significant investors it would have a first quarter “cash crisis”. Barry Engle, President of GM International, stated in
- Published in General Motors
GM prepares to expand Bolt EV output, seeks Congress help
General Motors CEO Mary Barra contacted the United States Congress on Wednesday to expand a customer tax credit for electric vehicles as the automaker stated it would increase production of its EV Chevrolet Bolt in reaction to positive response. Barra also got in touch with U.S. regulators to consider when scoring automakers’ emissions the capacity
- Published in General Motors
General Motors proposes $2.8 billion investment in South Korea
General Motors has proposed an investment of $2.8 billion into its loss-making South Korean operations over the next 10 years and has asked Seoul to offer its share of the funds, a South Korean government official stated on Wednesday. The United States automaker revealed last week it would close down a factory in Gunsan, southwest
- Published in General Motors
Union to strike if General Motors plans complete South Korea exit
General Motors’ South Korean workers will go on a full strike if the automaker chooses to entirely pull out of the country, its union head informed Reuters on Wednesday, adding he does not eliminate the possibility GM may leave. In the meantime, the 14,000-member union will focus on putting pressure on the automaker to come
- Published in General Motors