Samsung to Continue its Automobile Business

Samsung Motors Co., amidst rumors to the contrary, once again reaffirmed on October 22 that it would continue making cars.
This confirmation was in response to a statement Park Tae Jun, president of the United Liberal Democrats (ULD) party which is one of the current coalition parties, said on the previous day in Beijing, China. President Park said, ' The restructuring in the car industry will be centered on Hyundai and Daewoo Motors companies. This process will determine the future plans for Samsung Motors.'
Responding to this remark, Park Young Se, director of Samsung Group's restructuring sector, said, today, ' Samsung will announce its business plan for 1999 soon. In this plan, the second round of investment plan equivalent to 1.6 trillion won will be included. After the second phase of investment is completed, Samsung will have the production capacity of 500,000 units, annually. '
Earlier, Lee Dae Won, vice chairman of Samsung Motors, also said through an intra-company broadcasting, ' Samsung will continue to invest and develop new types of car models as part of our original plan.'