GM to gradually exit South Korea: Reuters

|By:, SA News Editor

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.