GM to suspend production at Korean plants

[FarCenter]

By John Reed in London - http://www.ft.com/cms/s/0/0d03fb54-b01a-11dd-a795-0000779fd18c.html

Last updated: November 11 2008 19:11

General Motors plans to suspend production at its factories in South Korea for about two weeks starting next month in one of the strongest signs yet that the crisis in carmaking has spread to Asia.

The shutdown will take effect from late December and affect all five of GM’s Korean plants formerly owned by Daewoo, which form one of the lossmaking US carmaker’s best-performing business units.

“The economic crisis is truly global,” Jay Cooney, GM Daewoo’s vice-president, said. “What we’re beginning to see here in Asia is no different from what is going on in Europe and what has already happened in the US.”

<snip>

[antimatter98]

1. If GM had paid attention to its US workers and operations...

maybe, just maybe, GM would not be on the critical list.

GM should ask South Korea for a bailout, not US taxpayers.

[Cessna Invesco Palin]

2. Maybe GM should sell Daewoo to a car company that knows how to make cars. n/t

[Donnachaidh]

3. They'll shut it down until they get their bail out

And then they'll fire it back up, once the money is in their bank accounts. :grr:

[SammyWinstonJack]

5. Bingo!

[gizmo1979]

4. How about the Mexican plant

and Canada too then we can talk about bailout.

[Ichingcarpenter]

6. Something is wrong with GM's statement

“What we’re beginning to see here in Asia is no different from what is going on in Europe and what has already happened in the US.”



That statement is inheritable untrue and simplistic on the troubles of GM
vs the Asian carmaker's trouble although world markets are shaky. GM ran
Daewoo into the ground before the economy collapsed.

[Hannah Bell]

7. for two weeks in "best-performing business units"

same strategy to force the bank bailout.

capital strike, crash profits, crash the market, fu jack.

give us $$$ or we'll shut it down.

when will people catch on?

there is no "economy," it's a rigged game.

[Ichingcarpenter]

8. GM took their "best-performing business units"

and fuck it up before the economy went under.

[lib2DaBone]

9. Just a few months ago I was reading how GM was going to spend $6 Billion on New Plants In Mexico.

Now they come to the American Taxpayer and want a Bailout? FU GM. Go shit in your hat.. ask your buddies in Mexico for some cash.


:grr:

[old mark]

10. And Ford is expending production in Russia and last year

both companies got deals with car makers in China.

No More Bailouts!


mark