General Motors to sell closed South Korean plant for nearly $100 million

General Motors

South Korean auto parts maker Myoungshin prepares to purchase General Motors’ car factory located in the southwestern city of Gunsan for 113 billion won ($99.9 million), Myoungshin’s parent firm stated in a regulatory filing. Myoungshin, a unit of MS Autotech, stated it will purchase the land and buildings of the GM facility to go after […]

Trump’s auto tariff plan threatens General Motor’s $7 billion South Korea rescue

General Motors

Fresh off a $7 billion rescue for its loss-making South Korean operation, General Motors is dealing with a new threat as U.S. President Donald Trump thinks about higher vehicle import tariffs that could “make or break” its Asian subsidiary. Previously this month GM agreed on the bailout package with the South Korean government in return […]

General Motors president says ‘shared sacrifice’ needed to fix South Korean operations

General Motors

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 […]

General Motors confirms details of investment in South Korea business

General Motors

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 […]