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General Motors Korea is shutting down its vehicle production plant in the country after 60 years of operation. The company said that it made the decision to focus on building compact sports utility vehicles and electric cars in South Korea.
GM Korea said that these types of vehicles are currently the popular preference among consumers thus, these will be the main focus of the company. The closure and production shift will displace workers but the company said they will be relocated.
As per The Korea Economic Daily, in line with its plans, General Motors will be investing $147.5 million to increase its production of its Trailblazer model to more than double. The automaker said on Tuesday this week that it is set to cease operations of its No. 2 line located in its main facility in Bupyeong, Incheon, on Nov. 26.
With the shutting down of the said plant, the production of GM’s Chevy Malibu and Chevy Trax SUV will be discontinued as well. The facility has two production lines, so No. 1 will remain in operation.
GM Korea clarified that it is not closing the plant to diminish its business in the country, but it will only be changing its focus. In fact, it is aiming to build 500,000 vehicles annually, which will include the Chevy Trailblazer units and a new crossover utility vehicle (CUV). This target number is a lot bigger compared to the previous years, when it was only able to produce 354,800 units in 2020 and 223,623 units in 2021.
The Korea Herald reported that the Bupyeong factory has been solely producing the Trax SUV and Malibu sedan and there will be no more production starting this month. Besides, it was mentioned that the plant needs to be upgraded as the facility is already behind the times.
The plant has around 1,200 employees, and they may be transferred to the No. 1 Bupyeong line and factory in Changwon. These two facilities were recently renovated and fitted with modern equipment and advanced spaces or amenities. Finally, the upgrade reportedly cost GM Korea some KRW 1.1 trillion.
