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GM Korea Predicts a Profit in 2019
General Motors Co.’s South Korean unit says the bailout agreement it reached last week should enable GM Korea to post a profit beginning in 2019.
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General Motors Co.’s South Korean unit says the bailout agreement it reached last week should enable GM Korea to post a profit beginning in 2019.
Chuck Stevens, GM’s chief financial officer, says union concessions and a plant closure will reduce the unit’s annual costs by at least $400 million. GM Korea lost 3.1 trillion won ($2.9 billion) between 2014 and 2017.
Ironically, GM plans to prop up GM Korea’s domestic sales in the short term with SUV/crossovers imported from the U.S. The company says it will begin shipping U.S.-built Chevrolet Equinox SUVs to Korea in June.
The Korea Herald says GM Korea also will begin making an updated version of the five-door Chevrolet Spark mini-hatch in the next several weeks.
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