GM Korea Withholds 210 Bil. Won Investment in Bupyeong Plant

By AUTO, Sales

GM Korea Withholds 210 Bil. Won Investment in Bupyeong Plant

GM Korea

has put off its plan to invest about 210 billion won in Bupyeong Plant due to liquidity problems.

GM Korea
said in a statement on Nov. 6 that it will suspend the execution of the investment planned for production of a next-generation model for the global market.

GM Korea
proposed a US$190 million investment in Bupyeong Plant 1 during the 19th round of the negotiations on wage and collective bargaining on Oct. 22.

The proposal
was not included in a US$6.4 billion investment promised by GM headquarters in 2018.

GM Korea was planning to invest 215 billion won to produce a new model based on its next-generation model C-CUV at its Bupyeong Plant.

The new model itself is scheduled to be produced at its Changwon plant in 2023

Businesskorea

http://www.businesskorea.co.kr/news/articleView.html?idxno=54657

More from tokioX :

  1. South Korea: Joint venture investment 27 trillion won, EV production of 4 million units:
  2. GM・Renault: To reduce car production in South Korea: GM Korea, Renault Samsung
  3. South Korea: Hyundai Motor Workers’ Union is “against investment in the United States”
  4. No Future Car Production Allocated to GM Korea and Renault Samsung
  5. South Korea: Poor performance with both GM Korea and Renault Samsung: Frequent strikes
  6. Korea: Annual sales volume of five automobiles: 2019, 3.8% decrease from the previous year
  7. Geely Automobile: British Lotus luxury model production at new plant-sales volume, 1st place in Chinese group