Stock Market News
GM Suspends Korea Production as Suppliers Refuse to Supply Parts
2022.07.20 18:38
GM Suspends Korea Production as Suppliers Refuse to Supply Parts
By Michael Elkins
General Motors (NYSE:GM) has suspended production at two of its factories in South Korea, following a local supplier’s refusal to supply auto parts.
GM’s Korea unit was suspending production of all vehicles at its Changwon and No. 2 Bupyeong plants since last week after auto parts maker ERAE AMS demanded a price hike for its products. Without the increased prices, the supplier has refused to supply parts.
“GM Korea plans to continue having discussions with ERAE AMS to resolve the issues,” GM Korea said in a statement.
