GM eyes for complete control of GM Korea

GM eyes for complete control of GM Korea image

Text: / Photos: GM Press | posted October 22, 2012 17:23

GM Korea key production base for Chevrolet

General Motors Co. seems to be looking into gaining full control of GM Korea, which is Korea's third biggest carmaker following Hyundai and Kia.

Tim Lee, head of international operations at GM reportedly made an informal offer to the Korea Development Bank's CEO, Kang Man-Soo, to buy the bank's 17%  share to further increase its stake at the company to 94%. An official from the bank said that they will consider the offer once an official proposal is received. The remaining 6% share at GM Korea is currently owned by the SAIC Motor Corp.

Although GM considers South Korea as a small market, it serves as their key production base that currently exports Chevrolet cars to Europe and other countries and accounts for nearly a quarter of Chevrolet's global production numbers.

GM reportedly regained control of its operations in India by successfully buying back almost 50% of its stake from China's SAIC Motor Corp.