Mexican Media Brands
S. Korea Begins Review of GM Korea’s Finances
The state-run Korea Development Bank launched a due diligence process earlier today into whether to help fund a bailout for General Motors Co.’s operations in South Korea.
#economics
Share
The state-run Korea Development Bank launched a due diligence process earlier today into whether to help fund a bailout for General Motors Co.’s operations in South Korea.
KDB says the process is being handled by Samil PricewaterhouseCoopers.
The bank holds a 17% stake in GM Korea, which has posted losses of 3 trillion won ($2.8 billion) over the past four years. GM intends to shut down one of its four factories in Korea in May and is assessing the viability of the other facilities. The U.S. carmaker has asked for $2.8 billion in financial aid from the Korean government, along with concessions from its workers.
RELATED CONTENT
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.