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GM will launch 10 EVs in S.Korea by 2025; No local production plans yet

SEOUL – Synthetic engine will be released 10 tram in South Korea by 2025, but there are no plans to produce electric vehicles in the country yet, said Steven Kiefer, head of GM’s international operations said on Friday.

1 US automaker, last year warned that persistent industrial action was preventing further investment in South Korea, electric vehicle construction in the United States and China. It also plans to build them in Mexico and Canada.

Kiefer’s visit after a South Korean trade union delegation visited Detroit in June prompted speculation in the local media that he might announce plans to produce new electric vehicles.

“We haven’t announced any plans to produce electric vehicles domestically, so stay tuned for that,” Kiefer said at a press conference.

GM’s Korean unit produces about 600,000 vehicles a year, shipping many vehicles to the United States, including entry-level models. Chevrolet Trailblazer SUV, and employs approximately 12,000 people. It reported an operating loss of 309 billion won ($262 million) last year.

When asked about the impact of lack of chips At GM Korea’s plants, GM Korea CEO Kaher Kazem said production output in the country this year has fallen about 25% from last year, but the chip shortage appears to be easing .

Kiefer also said GM’s partnership with Korea the battery Energy Solutions maker LG has been “very bright”.

“Obviously more (battery) capacity will be required, so stay tuned for some more announcements,” he said.

GM and LG Energy Solution are building two battery plants with a combined annual production capacity of about 70 gigawatt-hours in the United States, which can power approximately first million EVs.

In October, GM said LG units had agreed to reimburse it in the amount of $2 estimated costs and costs associated with recovery Bolt EVs.

(1 dollar = 1,177,8000 won)

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

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