GM Korea promises 800 billion won of investment

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GM Korea promises 800 billion won of investment

GM Korea, the Korean unit of General Motors, said Thursday it will invest 800 billion won ($667 million) as planned in the coming years, despite the new coronavirus outbreak.
GM Korea President and CEO Kaher Kazem reaffirmed the company's commitment during his visit to the company's plant in the southern industrial city of Changwon on Wednesday.
The Detroit carmaker has three Korean plants -- two in Bupyeong and one in Changwon -- whose combined output capacity reaches 630,000 units a year.
"The company plans to invest about 800 billion won in the paint shop and other facilities of the Changwon plant for four to five years (starting in 2019) to produce a new crossover utility vehicle there beginning in 2023," a company spokesman said over the phone.
GM Korea announced the investment plans in 2018.    
From January to June, GM Korea's sales fell 28 percent to 166,038 vehicles from 231,172 units in last year's period. To revive sales, the company plans to introduce 15 new vehicles in the local market for five years through 2023.
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