GM Korea said on May 11 it will launch 15 new and upgraded vehicles in the domestic market in the next five years to boost sales.
The company plans to introduce the facelifted New Spark city car, the first of the planned models, next month, followed by the midsize Equinox SUV and the upgraded midsize Malibu sedan this year, GM Korea said in a statement.
GM and the state-run Korea Development Bank, the two biggest shareholders in GM Korea, are set to sign the binding agreement that will permit a combined US$7.15 billion lifeline to keep the Korean unit afloat.
Under the deal, the Detroit-based parent company is banned from selling any of its stake in GM Korea before 2023 and is required to keep its holding in the Korean unit above 35 percent until 2028.
By Song Seung-hyun and newswires (firstname.lastname@example.org