GM Korea Company is investing $2.8 billion to design and manufacture new SUV and CUV vehicles for Korea and export markets.
GM Korea will also engineer and manufacture a small three-cylinder gasoline engine in the country for next generation global vehicles, according to GM. This investment is designed to support tens of thousands of jobs directly and indirectly in Korea.
The $2.8 billion foreign direct investment will sustain 200,000 Korean jobs directly and indirectly, including at local suppliers, said Kaher Kazem, president and CEO of GM Korea.
The automakers two major shareholders, the Korea Development Bank (KDB) and General Motors, confirmed their full support of the viability plan by finalizing a breakthrough binding agreement that will help enable a profitable, long term future for GM Korea.