General Motors’ (GM. N) sales in South Korea slumped 19 percent in February, hurt by its decision to shut down one of its factories in the country.
SEOUL (Reuters) – General Motors’ (GM. N) sales in South Korea slumped 19 percent in February, hurt by its decision to shut down one of its factories in the country.
The U. S. automaker has also said it will decide the fate of its three remaining plants in South Korea in the coming weeks, as it attempts a politically contentious restructuring of its loss-making unit.
GM Korea posted sales of 36,725 vehicles in February. Its domestic sales fell 48 percent to 5,804, while its overseas exports dropped 9 percent.
A GM Korea dealer in Seoul said the planned shutdown has hurt the image of the company, and customers are concerned about services and residual values.
