South Korean government may save GM Korea from bankruptcy
GM Korea has been thrown a lifeline, with the Korea Development Bank (KDB) indicating it will help fund the company's restructuring and investment.
Lee Dong-gull, CEO of the state-owned KDB, has told Reuters it could inject 500 billion won ($609 million) into GM Korea. He said an agreement could be reached as early as April 27, but is subject to due diligence being completed.
GM to introduce Chevrolet brand into Korea from 2011
General Motors will introduce its Chevrolet brand in to Korea from next year.
GM Daewoo Auto & Technology President and CEO, Mike Arcamone made the announcement today at the opening of the Busan International Motor Show.
To kick off its Korean sales, GM has introduced the Chevrolet Camaro to audiences at its motor show stand. The popular sports car will go on sale in Korea in 2011.
Mr Arcamone also said that the announcement was about co-existence with GM Daewoo, not brand replacement.
I don't think a single day has gone by that someone hasn't asked me, "out of all the cars you've driven, what is your favourite car?" Oh no, not this question, not again. I usually answer; "Have you got five hours to spare? 'Cause that's how long it will take to respond!".
- Alborz Fallah