A South Korean supplier Myongshin buy a shuttered factory from GM to start EV production
A South Korean supplier of Tesla and Hyundai has agreed to buy a shuttered factory from General Motors' local unit to start contract manufacturing of electric vehicles for the U.S. and Europe.
GM closed its Gunsan factory, one of its four South Korean plants, in late May as part of a global restructuring drive.
The factory has now been purchased by Myongshin, a part of a consortium that would initially spend a total of 200 billion won (about 177 million dollars) on the factory to produce 50,000 EVs starting 2021 and 150,000 EVs in 2025.
The consortium was in talks with a global automaker to manufacture electric vehicles at the facility.