Korea woos GM's investment in electric vehicle facilities
GM International chief Shilpan Amin, right, speaks to employees at the Korean unit's headquarters in Incheon, in this photo provided by GM Korea, May 3. Yonhap
Korea's vice industry chief asked General Motors on Thursday to make an investment in production facilities for electric vehicles (EVs) in the country, as the Seoul government has extended support for nurturing the advanced industry sector, his office said.
First Vice Industry Minister Jang Young-jin made the call during a meeting with Shilpan Amin, senior vice president of GM and president of GM International, at GM Korea's Bupyeong factory, west of Seoul, according to the Ministry of Trade, Industry and Energy.
"Korea's demand for electric vehicles is forecast to mark continued growth, and the country has established a solid industry ecosystem for EVs, involving leading battery makers," Jang told Amin as the two sides had talks on the carmaker's longer-term business plan.
The vice minister noted the country's investment in cutting-edge technologies for future vehicles and various incentives to attract foreign investment in the field.
Amin said GM Korea is playing a crucial role in the company's future global strategies, and that his company will continue to provide customers with outstanding products and services in close cooperation with Korean partners, according to the ministry.
Last year, GM Korea reported an operating profit of 276.6 billion won ($208.63 million), ending eight years of losses.
In 2018, GM and the Korean government agreed upon a rescue deal to help resolve the liquidity problems facing the Korean unit, and the carmaker has been pushing for various business normalization measures. (Yonhap)