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Sunday, Aug 11
GM to gradually exit South Korea: Reuters
- General Motors (GM) will gradually scale back its operations in South Korea amid rising labor costs and "militant unionism," Reuters says.
- GM's South Korean operations currently account for around a fifth of the company's annual global production.
- The high cost of labor is exacerbated by the relative strength of the won.
- Labor cost per vehicle in South Korea this year is estimated to be around 40% higher than the average for GM across its global operations.