SOUTH KOREA: GM to spend $7.35m on engineering and manufacturing
General Motors underlined its commitment to manufacturing in South Korea by confirming plans to spend up to KRW8 trillion (US$7.35bn) on GM Korea over the next five years.
Previous plans announced by GM to take full control of GM Korea, which comprises six manufacturing subsidiaries, had prompted concern the company intended to carry out deep restructuring at its operations in the country.
GM Korea produced close to 786,000 vehicles in South Korea last year, equivalent to around a quarter of GM’s Chevrolet production worldwide.
But only 145,702 of these were sold locally, for a domestic market share of just 10%. The company said it aims to double this to 20% in the medium term.
GM’s head of international operations, Tim Lee, said: "GM Korea will continue to play a major role in our global growth plans”.
He added that the investment will go into improving the manufacturing and engineering capabilities across the group. The R&D centre at the company’s headquarters in Incheon will be doubled in size. Of its current models, the Spark and Aveo small cars and the Trax SUV, were developed in South Korea.
The company also plans to introduce six revised GM models at its plants over the next five years, as well as well as GM's first global electric vehicle.
The media days for the 2013 Frankfurt Internationale Automobil-Ausstellung (IAA) are 10 & 11 September. Each of the following vehicles is a world premiere at the show....
New vehicle sales in the US are continuing to run at a strong level in August according to a monthly sales forecast developed jointly by JD Power and LMC Automotive....
A 7 September win for the Liberal-National parties coalition in Australia's federal election would lead to General Motors Holden ending manufacturing. So claims Phil Horton, the managing director of B...
Wang Xiaoqiu has been named president of Shanghai-GM, effective 13 August. He succeeds Ye Yongming, who has left the GM-SAIC joint venture....
Steve Keifer, head of powertrain systems at supplier Delphi for the last two years, is joining former parent company General Motors from September 1 to lead its global powertrain operations....
General Motors will start offering wireless charging for smartphones in some vehicles next year, according to a Bloomberg report citing remarks from Powermat Technologies....
GM is looking for at least 20% improvement to the electric-only range on its next generation Volt/Ampera models, according to reported remarks from CEO Dan Akerson....
- ANALYSIS: Can Evoque remain JLR’s golden goose?
- THE WEEK THAT WAS: What's a Waku Waku tailgate?
- ANALYSIS: MG on the road to nowhere
- Briefing: GM's OnStar system planned for Europe
- A LOOK AROUND: Honda Swindon plant for Civic duty
- JAPAN: Honda reveals clever ‘Waku Waku’ tailgate
- 2015 SHANGHAI SHOW: World premieres
- No future for long range EVs - Toyota engineer
- Ford confirms $2.5bn Mexican factory spend
- Ford moves Go!Drive UK car sharing into next phase
- Global vehicle lightweighting - technology, trends and the future
- Global light vehicle engine technologies market- forecasts to 2029
- Global light vehicle OE shock absorbers market- forecasts to 2029
- Global light vehicle OE wipers market- forecasts to 2029
- Global light vehicle steering market- forecasts to 2029