GM Korea needs to survive in long-term, says South Korea minister

by SpeedLux
Gunsan plant, General Motors, South Korea

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 should come to an agreement soon on sharing the burden of enhancing the loss-making operation.

GM surprised South Korea in February with strategies to close one local plant and leaving the fate of three other plants unclear. It is looking for government funding and incentives along with wage concessions to save the unit, which just posted an yearly net loss of $1.1 billion, its fourth consecutive year in the red.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.


SpeedLux is a high-authority automotive blog providing the latest automotive news and reviews. SpeedLux covers everything related to cars, bikes, and motorcycles, from news and reviews, to troubleshooting guides, tips and tricks, and more. SpeedLux was born in 2009 and we have over 20,000 articles published on our blog. We thank all our readers, as well as our partners, without whom we could not have reached this level.


©2009 – 2024 SpeedLux – Daily Automotive News and Reviews. All Right Reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More