GM Sales Plunge 19% in S. Korea

Demand for vehicles produced in South Korea by General Motors Co. dropped 19% to 36,700 units in February, according to the company.

Domestic sales plummeted 48% to only 5,800 units. Exports fell 9% to 30,900 vehicles. Reuters notes that volume was hurt by GM Korea’s decision to close a plant in May and review the viability of continuing operations in the country.

Korea’s financial regulator estimates that GM Korea made an operating loss of 800 billion won ($740 million) last year. The company has posted four straight year of losses, mainly because its European export market disappeared when GM phased out its Chevrolet brand there in 2013.​​​​