🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

GM South Korea union riled by decision not to build Impala sedan in country

Published 04/05/2016, 04:21 AM
Updated 04/05/2016, 04:30 AM
© Reuters. The GM logo is seen at the General Motors Lansing Grand River Assembly Plant in Lansing,
GM
-

SEOUL (Reuters) - The trade union that represents most workers at General Motors Co's (N:GM) South Korea operations said on Tuesday it will contest the U.S. automaker's decision not to build Impala sedans in the country, amplifying tension in labor relations ahead of annual wage talks between management and union.

The union said its leader, Ko Nam-seok, plans to meet GM Chief Executive Mary Barra later this month and protest against a decision that it said "threatens the existence of GM Korea". The union, a branch of the national metalworkers union, claims to represent 14,000 of the GM's South Korea workforce of 17,000.

GM said earlier on Tuesday it won't build the vehicles in the country, but will continue to import the Impala from a Detroit plant, helped by a free trade deal with the United States that has boosted the price competitiveness of imports.

South Korea had for years been a low-cost export hub for GM, producing close to a fifth of its global output. But labor costs in the country have risen by nearly half in just five years, hurting manufacturing competitiveness, GM executives have said.

The union had urged GM to bring Impala production to South Korea to allay its long-held fear that the firm may scale back operations in the country. GM operates four factories in South Korea but has been grappling with low utilization rates at two of them for the past couple of years.

The decision would damage labor relations in the run-up to annual wage talks, the union said. "We will have a prolonged and persistent fight," said one union official, speaking on condition of anonymity, adding the union would not rule out calling workers out on strike.

Capacity utilization rates at GM's factory in the city of Gunsan have suffered since it stopped selling its Chevrolet-branded vehicles in Europe, most of which were shipped from the plant. The company also stopped producing Buick LaCrosse sedans at its second factory in Bupyeong, located near Seoul.

© Reuters. The GM logo is seen at the General Motors Lansing Grand River Assembly Plant in Lansing,

The union had urged the company to move Impala production to Bupyeong, and said on Tuesday it will continue to seek the production of another mid- or large-sized sedan there. The automaker has said it expects its revamped Captiva SUVs and Malibu sedans to help raise Bupyeong utilization rates.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.