GM to launch 10 EVs in S.Korea by 2025; no local manufacturing plans yet

SEOUL – Standard Motors will launch 10 electric autos in South Korea by 2025, but has no plans however to manufacture EVs in the place, Steven Kiefer, the head of GM’s global functions said on Friday.

The No.1 U.S. automaker, which warned previous yr that persistent industrial action was blocking further more expenditure in South Korea, builds EVs in the United States and China. It also has designs to establish them in Mexico and Canada.

Kiefer’s pay a visit to immediately after a Korean labor union delegation went to Detroit in June had led to speculation in area media that he could announce new EV manufacturing options.

“We are not announcing any designs still to deliver electric autos in the nation, so stay tuned for that,” Kiefer informed a media briefing.

GM’s South Korea unit builds about 600,000 cars a year, shipping many to the United States like the well-liked Chevrolet Trailblazer SUV, and employs about 12,000 men and women. It noted an operating decline of 309 billion won ($262 million) very last year.

When requested about the influence of the chip scarcity at GM’s Korea crops, GM Korea Main Govt Kaher Kazem claimed generation quantity in the region this yr was down about 25% vs . final calendar year, but the chip shortage appeared to be easing.

Kiefer also claimed GM’s partnership with South Korean battery maker LG Electrical power Solution was “quite bright”.

“Evidently additional (battery) capability is likely to be expected, so stay tuned for some supplemental bulletins,” he stated.

GM and LG Strength Solution are setting up two battery cell manufacturing vegetation with a combined annual creation capability of about 70 gigawatt hours in the United States, which could energy about 1 million EVs.

In Oct, GM claimed LG models had agreed to reimburse it for $2 billion in estimated expenses and expenses related with a recall of Bolt EVs.

($1 = 1,177.8000 received)

(Reporting by Heekyong Yang Editing by Richard Pullin and Mark Potter)