South Korea's GM Daewoo to halt production line for month
Seoul - South Korea's GM Daewoo Auto and Technology Co, a subsidiary of the financially troubled US carmaker General Motors Corp, said Tuesday that it would halt a production line in December because of sagging sales brought on by the global financial crisis.
The assembly line for mid-sized cars and sports utility vehicles at GM Daewoo's largest plant at Bupyong near Seoul is to come to a halt from Monday through January 4, a company spokesman said in Seoul.
A second production line at Bupyong for compact cars is to be closed down from December 22 to January 4, just like GM Daewoo plants at Kunsan and Changwon.
Employees are to receive 70 per cent of their wages during the production halt.
GM Daewoo said its sales fell 13 per cent in October from the same month a year earlier to 73,180 cars.
Declining sales have meant that General Motors is seeking a US government bailout as it tries to avoid a bankruptcy filing. (dpa)