(MENAFN) Driven by waning sales and continued rise in labor costs, GM Korea Co., the local unit of U.S. automaker General Motors Co., posted the worst ever business performance since its launch here.
Specifically, the struggling carmaker reported an overall USD855.3 million in gross loss throughout the previous year and a total of USD515.2 million in operating loss on annual sales of USD10.3 billion.
Last year's dull incomes were attributed to a one-off factor stemming from the pullout of the Chevrolet brand from Russia, steady rise in labor costs and toughening business conditions in key export markets.
Moreover, faced with the deteriorating business performance, the firm has been ramping up its cost-cutting efforts, let alone that recently, the automaker received applications from its workers for early retirement.
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