The Traderszone Network

Published in TZ Latest News 1 April, 2015 by The TZ Newswire Staff

GM says Korea labor costs have surged, but has no plans to exit

General Motors Co (GM) (GM.N) on Thursday said its labor costs have risen nearly 50 percent over the past five years in South Korea, where it makes nearly one-fifth of its global output, but that it does not plan to shut any of its four plants there. GM earlier this year said it plans to end production in Indonesia and cut operations in Thailand as part of broader restructuring. GM classifies South Korea, the world’s No.5 carmaker, as one of its “high-cost” countries, Rocha said.