GM Daewoo to close main plant in S. Korean
25/11/2008 16:46
GM Daewoo Auto announced today that it will close its main plant in South
Korea for one month due to slumping sales.
Amid a slowdown in sales and
rising inventories, the company plans to halt the plants, the GM Daewoo told
local media, adding that it will further idle some plants in the country by the
end of March 2009 unless sales are significantly improved.
Under the
decision, GM Daewoo's main plant in Bupyeong will be closed from Dec. 1 to Jan.
4 next year.
The factory produces Tosca sedans, Winstorm sport-utility
vehicles and compact cars for the South Korean market and also exports to Asia
and Europe under the GM brands.
Other GM Daewoo plants in Gunsan and Changwon
will be suspended for two weeks next month, the company said.
GM Daewoo said
earlier that its vehicle sales dropped 11.3 percent in October from a year
earlier to 73,180 units.
Xinhua
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