Oil Prices Rise as Iran Holds Firm on Strait of Hormuz Deal 
Gold Holds Near Seven-Week Low as Fed Rate Hike Bets Rise 
Bitget Resumes Crypto Withdrawals After $388M Security Breach 
RBA Hikes Interest Rate to 4.60% as Inflation Risks Rise 
Nissan Targets US Hybrid Growth With Rogue e-Power Launch 
Gold Slides Below $4,300 as Oil Surge Fuels Fed Rate Hike Bets 
Nvidia China Chip Sales Report Sends Chinese Semiconductor Stocks Lower 
Pepco Raises FY26 Earnings Outlook, Unveils €400 Million Buyback 
Toyota Global Sales Fall for Seventh Month as China Demand Slumps 
Anthropic Targets $2 Trillion Valuation in Planned IPO 
Hengrui Shares Rise on $2.6 Billion Novo Nordisk Obesity Drug Deal 
Pi Network Price Holds $0.087 as Protocol 28 Mainnet Upgrade Nears 
RedotPay Completes Audits as Stablecoin Firm Advances U.S. IPO Plans 
Asian Stocks Fall as Oil Surge, Bond Yields and AI Concerns Hit Markets 
South Korea Exports Set for 16th Monthly Gain on AI Chip Demand 
Citigroup Expands Coinbase Partnership for Stablecoin Payments 
Robinhood Chain Token Ring Allegedly Extracts $18.4 Million Across 53 Launches 
Add as a preferred source on Google
General Motors Korea is shutting down its vehicle production plant in the country after 60 years of operation. The company said that it made the decision to focus on building compact sports utility vehicles and electric cars in South Korea.
GM Korea said that these types of vehicles are currently the popular preference among consumers thus, these will be the main focus of the company. The closure and production shift will displace workers but the company said they will be relocated.
As per The Korea Economic Daily, in line with its plans, General Motors will be investing $147.5 million to increase its production of its Trailblazer model to more than double. The automaker said on Tuesday this week that it is set to cease operations of its No. 2 line located in its main facility in Bupyeong, Incheon, on Nov. 26.
With the shutting down of the said plant, the production of GM’s Chevy Malibu and Chevy Trax SUV will be discontinued as well. The facility has two production lines, so No. 1 will remain in operation.
GM Korea clarified that it is not closing the plant to diminish its business in the country, but it will only be changing its focus. In fact, it is aiming to build 500,000 vehicles annually, which will include the Chevy Trailblazer units and a new crossover utility vehicle (CUV). This target number is a lot bigger compared to the previous years, when it was only able to produce 354,800 units in 2020 and 223,623 units in 2021.
The Korea Herald reported that the Bupyeong factory has been solely producing the Trax SUV and Malibu sedan and there will be no more production starting this month. Besides, it was mentioned that the plant needs to be upgraded as the facility is already behind the times.
The plant has around 1,200 employees, and they may be transferred to the No. 1 Bupyeong line and factory in Changwon. These two facilities were recently renovated and fitted with modern equipment and advanced spaces or amenities. Finally, the upgrade reportedly cost GM Korea some KRW 1.1 trillion.
