SOUTH KOREA: GM Daewoo shuts more plants

By just-auto.com editorial team | 22 December 2008

GM Daewoo Auto and Technology on Monday said it would shut down two more plants from today until 4 January.

Its main Bupyeong plant has already been idle since 1 December.

GM Daewoo said production would resume at all plants on 5 January.

Its sales last month plunged 28.8% year on year to 62,256 vehicles.

Hyundai on Monday announced more production reductions as well and Ssangyong has found itself unable to pay workers this month.

The Korea Automobile Manufacturers Association recently forecast that domestic sales by Korean automakers would drop 8.7% next year to 1.05m units, the lowest since the financial crisis of 1998.