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The Korea Herald
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THE INVESTOR
March 29, 2024

Automobiles

GM Korea CEO does not deny exit plans

  • PUBLISHED :October 23, 2017 - 17:17
  • UPDATED :October 23, 2017 - 17:17
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[THE INVESTOR] The head of General Motors’ Korean operations, speaking during a parliamentary audit session on Oct. 23, didn’t deny speculations that it may withdraw from the country on weaker sales.
 
At the audit, GM Korea President and Chief Executive Kaher Kazem repeatedly said he will do his best to put the Korean unit’s business back on track without dismissing the rumors.
 
Repeatedly asked if there was a possibility of the US auto giant's exit from Korea, he said GM Korea's executives and employees are doing their best to normalize operations and to develop a sustainable business model in the country.
 
GM Korea marked its 15th year of doing business last week amid growing concerns that it may opt to leave the country entirely due to poor performance and high labor costs.
In the January-September period, GM Korea’s domestic car sales plunged 20 percent to 102,504 units and exports also backtracked 2.3 percent on-year to 299,476.
 
 
 

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