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GM Group Vice Chairman and CFO Frederick Henderson unveiled a plan to invest W3 trillion (US$1=W929) in GM Daewoo from 2008 to 2009. GM has invested W3 trillion in the Korean carmaker since 2005.
Vice Chairman Henderson said that the investment will be focused on upgrading engines and transmissions. There will be no additional investment in the production sector, since GM Daewoo is operating to full production capacity, he said.
The senior GM official added that a six-speed automatic transmission, which will be used for sedan models like the Tosca, is being developed at the company's Boryung plant.
He said GM has no plans to revise its market strategy despite the recently concluded Korea-U.S. free trade agreement, which he expects will bring positive changes.
(englishnews@chosun.com )
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