General Motors' South Korean unit dropped a plan to consider filing for bankruptcy after winning concessions on pay, bonuses and benefits from its labor union in a tentative deal reached on Monday.
An article in the Daily Kanban suggests, the sun is setting on GM Korea, and it could already be well into dusk. GM's move into China, the Chevrolet exit from Europe and years of labor strife are driving the division over the edge.
Suzuki is recalling yet another Daewoo-built model due to possible problems with the daytime running light module in the instrument panel. This time it covers about 25,899 units of the Suzuki Verona from the 2004 through 2006 model years that need fixing. Like the repair campaign of the Chris Bruce
Suzuki is recalling 184,244 total units of the 2004-2008 Forenza (pictured above) and 2005-2008 Reno manufactured under contract by Daewoo, now General Motors Korea, betwee
How about a little of that over here?
Kia has navigated around a potential strike by organized labor in Korea. According to Automotive News, the manufacturer joined GM Korea and Ssangyong Motor Company in reaching agreements with the companies' workers for better pay, pending a "yea" vote by employees. Kia workers successfully negotiated a 5.2 percent wage increase as well as bonus pay worth over $6,600 at current conversion rates
General Motors could produce the plug-in hybrid Chevrolet Volt in South Korea through its local unit, says GM Korea's vice president of vehicle sales, service and marketing, Ankush Arora. According to the Wall Street Journal, Arora spoke at a press briefing late last week and stated:
General Motors continues to clean up its ledger book, and the latest transaction has GM wiping $1 billion off the table. In Korea, the GM Daewoo Auto & Technology subsidiary, otherwise known as GM Daewoo, plans to pay back the 10-figure debt it owes to its Korean revolving credit facility. The debt will be paid in full by the end of this month. Perhaps Jeff Glucker
2011 Chevrolet Cruze EV – Click above for high-res image gallery
