General Motors sent market jitters in South Korea by announcing the shutdown of its Gunsan plant in North Jeolla Province, citing needs for business restructuring.
The decision, widely considered a prelude to a complete withdrawal from Korea despite the automaker’s official denial, is based on the firm‘s lagging business performance.
According to GM Korea, the size of accumulated net losses for three years between 2014 and 2016 was some 2 trillion won ($1.84 billion). The company also saw a deficit of around 600 billion won last year.
