[THE INVESTOR] The head of General Motors’ Korean operations will meet employees and dealerships this month in an effort to seek their support to cope with declining sales and rumors that the carmaker may withdraw from the country, the company said on Nov. 6.
GM Korea President and CEO Kaher Kazem plans to hold talks with executives and employees later this month to explain the carmaker’s status and seek support to revive sales and ride out the decade-long exit rumors, a spokesman said.
Kazem may announce a business strategy that includes the launch of new vehicles to boost lackluster sales in Korea, he said.
This year, GM Korea suffered a decline in sales due to a lack of new models and tougher competition from local rivals and imports.
In the January-October period, GM Korea sold a total of 436,515 vehicles, down 11 percent from 489,842 units a year earlier -- a drop largely affected by poor domestic demand. Domestic sales fell 24 percent to 110,176 from 144,726 during the same period.
By Alex Lee and newswires (
alexlee@heraldcorp.com)