Gwangju Global Motors Explained

Gwangju Global Motors Co. Ltd.
Foundation:2019[1]
Location:Gwangju, South Korea
Key People:Park Gwang-tae (CEO)
Type:Joint venture
Industry:Automotive
Owner:Gwangju Metropolitan Government (21%)
Hyundai Motor Company (19%)[2]
Homepage:www.ggmotors.com
Native Name:광주글로벌모터스

Gwangju Global Motors Co. Ltd. (GGM) is a joint venture manufacturing plant between Hyundai Motor Company and the Gwangju city government. Opened in 2021, it is the first new automobile manufacturing plant in South Korea since 1998. The first model produced by the plant, the Hyundai Casper rolled off of GGM’s production line in September 2021.[3] [4] The plant have the capacity to produce 70,000 vehicles a year.[5] It is the only Hyundai-operated manufacturing plant in South Korea without the presence of workers unions, which enables average annual pay to be less than half than other Hyundai plants.[6]

Gwangju Metropolitan Government is the largest shareholder with an investment of 48.3 billion won (21 percent stake). Hyundai Motor Company, which invested 43.7 billion won, is the second-largest shareholder (19 percent). Of the total project cost of 575.4 billion won, the remaining 60% (345.4 billion won) excluding equity capital of 230 billion won was drawn up from the financial sector.[7]

Current models

External links

References

  1. Web site: Gwangju project is off to an inauspicious start. 2021-07-17. Korea JoongAng Daily. 26 December 2019 . en.
  2. Web site: 2020-04-23. Stranded Gwangju job project distresses Hyundai. 2021-07-17. The Korea Times. en.
  3. Web site: GGM, Korea's first car plant in decades, completed. 2021-07-17. Korea JoongAng Daily. 29 April 2021 . en.
  4. Web site: Remarks by President Moon Jae-in at Dedication Ceremony of Gwangju Global Motors' Plant. 2021-07-17. english1.president.go.kr. en.
  5. Web site: 2021-04-29. Moon visits new car factory in Gwangju. 2021-07-17. The Korea Times. en.
  6. Web site: South Korea's first auto plant in 23 years opens as 'half-wage factory'. 2022-01-20. Nikkei Asia. en-GB.
  7. Web site: 2020-04-22. 3500억 조달 '빨간불'…광주글로벌모터스, 하반기 공사 중단 우려. 'Red light' to raise 350 billion won... Gwangju Global Motors fears that construction will be suspended in the second half of the year. 2021-07-17. The Korea Economic Daily. ko.