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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: GM Daewoo to shut down for two weeks amid sales slump AFP - 2 hours 18 minutes ago SEOUL (AFP) - - The South Korean unit of General Motors Corp on Friday announced a two-week shutdown of its plants due to slow sales and said there may be further suspensions if the market worsens. GM Daewoo will suspend production from December 22 to January 4, said spokeswoman Lim Young-Mi, the first such shutdown since GM took over Daewoo in 2002. The firm said in a statement that it and all other carmakers have been hit by the global economic slowdown. "As we review our outlook for exports and domestic volume we will adjust our production schedule in line with reduced vehicle demand." Lim said the company would consider further suspensions "if the market situation worsens" but added that there had been no decision on whether to delay the launch of new models. The firm has previously said it will debut its new Matiz mini car in Korea early next year, without giving a schedule for other launches. In October GM Daewoo reported that its auto sales declined 11.3 percent from a year earlier to 73,180. General Motors and other US automakers are in dire straits because of the global slowdown. Its chief executive Rick Wagoner has said it needs to line up a federal aid package even before president-elect Barack Obama takes office in January. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business China bond funds post strong October gains-LipperReuters - 1 hour 15 minutes ago Rio postpones briefings to study market turmoilReuters - 1 hour 17 minutes ago Oaktree finding value in loans used for buyoutsReuters - 1 hour 29 minutes ago Philippine stock index climbs 3 percentAP - 1 hour 31 minutes ago S.Korea won at 2-wk closing low, off 5 pct on weekReuters - 1 hour 32 minutes ago Enlarge Photo GM Daewoo to shut down for two weeks amid sales slump Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Britney Spears's son hospitalized: statement Earth would be heading to a freeze without CO2 emissions China mulls crackdown on lip-synching Your favorite music = happy heart: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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