General Motors hopes to increase control of its South Korean car manufacturing unit, GM Korea, according to local reports.

General Motors owns a 77% stake in its subsidiary with state-owned Korea Development Bank controlling 17% and China’s SAIC Motor Corporation the remaining 6%. 

A source within the Korean Development Bank told local reporters GM made an informal offer for its stake in the company during a recent meeting. He added KDB would consider the sale once a formal offer had been received.

GM originally took control of the carmaker in 2002 from the failed Daewoo Motor Corporation. The company has since become a key part of GM’s global manufacturing network, supplying Chevrolet vehicles to countries across the Asia-Pacific, Europe and other markets worldwide. It currently accounts for around a quarter of the brand’s global sales.

Local reports have suggested that greater control of the company potentially would make it easier for GM to carry out restructuring; the fear being that some output could be transferred to Europe.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Auto Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Auto Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now