GM South Korean unit to spend $7.3 billion to expand
February 22, 2013
General Motors Co.'s South Korean unit plans to invest 8 trillion won ($7.3 billion) over five years to expand in a country where it made four of every 10 Chevrolets sold worldwide last year.
GM Korea Co. will boost manufacturing facilities and double the size of its design center this year to the companyís third-largest after U.S. and Brazil, the company said in an e-mailed statement.
The automaker is increasing investment at the unit from 1 trillion won a year as it starts building new models to compete with a resurgent Toyota Motor Corp. The maker of the Prius regained the top spot in global sales from GM last year.
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