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The South Korean unit of U.S. carmaker General Motors Co. plans to invest more
than 1 trillion won (US$907.7 million) every year in producing new models and
beefing up research and development (R&D), its head said Thursday.
Sergio Rocha, chief executive officer at GM Korea Co., told reporters that his
company will carry out such an investment in South Korea as part of its road map
for sustainable growth.
Rocha, former president of GM Argentina,
Uruguay and Paraguay, has been at the helm of GM Korea since March 1.
The carmaker said it plans to produce its battery-powered electricity car model
named "Spark," at its factory in Changwon, about 400 kilometers southeast of
Seoul. The company is seeking domestic sales of the model next year and later
plans to tap overseas markets.
Rocha said that the production and sale
of its Spark model indicated the importance of GM Korea to its parent company as
a part of its future carmaking strategies.
GM Korea said it also plans
to strengthen its long-term capacity to produce auto models by expanding
investment in design and R&D.