Gwangju Global Motors
{{Infobox company
| name = Gwangju Global Motors Co. Ltd.
| foundation = 2019{{Cite web|title=Gwangju project is off to an inauspicious start|url=https://koreajoongangdaily.joins.com/2019/12/26/economy/Gwangju-project-is-off-to-an-inauspicious-start/3071920.html|access-date=2021-07-17|website=Korea JoongAng Daily|date=26 December 2019 |language=en}}
| location = Gwangju, South Korea
| key_people = Park Gwang-tae (CEO)
| type = Joint venture
| industry = Automotive
| owner = Gwangju Metropolitan Government (21%)
Hyundai Motor Company (19%){{Cite web|date=2020-04-23|title=Stranded Gwangju job project distresses Hyundai|url=https://www.koreatimes.co.kr/www/tech/2021/07/419_288363.html|access-date=2021-07-17|website=The Korea Times|language=en}}
| homepage = [http://www.ggmotors.com/home/index.view www.ggmotors.com]
| image = Gwangju Global Motors logo.png
| native_name = 광주글로벌모터스
}}
Gwangju Global Motors Co. Ltd. (GGM) is a joint venture manufacturing plant between Hyundai Motor Company and the Gwangju city government. Opened in 2021, it is the first new automobile manufacturing plant in South Korea since 1998.
History
The first model produced by the plant, the Hyundai Casper rolled off of GGM’s production line in September 2021.{{Cite web|title=GGM, Korea's first car plant in decades, completed|url=https://koreajoongangdaily.joins.com/2021/04/29/business/economy/Gwangju-Gwangju-Global-Motors-Automotive-plant/20210429190100415.html|access-date=2021-07-17|website=Korea JoongAng Daily|date=29 April 2021 |language=en}}{{Cite web|title=Remarks by President Moon Jae-in at Dedication Ceremony of Gwangju Global Motors' Plant|url=https://english1.president.go.kr/Briefingspeeches/Speeches/977|access-date=2021-07-17|website=english1.president.go.kr|language=en}} The plant have the capacity to produce 70,000 vehicles a year.{{Cite web|date=2021-04-29|title=Moon visits new car factory in Gwangju|url=https://www.koreatimes.co.kr/www/tech/2021/07/419_308044.html|access-date=2021-07-17|website=The Korea Times|language=en}} It is the only Hyundai-operated manufacturing plant in South Korea without the presence of workers unions, which enables average annual pay to be less than half than other Hyundai plants.{{Cite web|title=South Korea's first auto plant in 23 years opens as 'half-wage factory'|url=https://asia.nikkei.com/Business/Automobiles/South-Korea-s-first-auto-plant-in-23-years-opens-as-half-wage-factory|access-date=2022-01-20|website=Nikkei Asia|language=en-GB}}
Gwangju Metropolitan Government is the largest shareholder with an investment of 48.3 billion won (21 percent stake). Hyundai Motor Company, which invested 43.7 billion won, is the second-largest shareholder (19 percent). Of the total project cost of 575.4 billion won, the remaining 60% (345.4 billion won) excluding equity capital of 230 billion won was drawn up from the financial sector.{{Cite web|date=2020-04-22|title=3500억 조달 '빨간불'…광주글로벌모터스, 하반기 공사 중단 우려|trans-title='Red light' to raise 350 billion won... Gwangju Global Motors fears that construction will be suspended in the second half of the year|url=https://www.hankyung.com/economy/article/2020042298301|access-date=2021-07-17|website=The Korea Economic Daily|language=ko}}
Current models
- Hyundai Casper (2021–present)
- Hyundai Casper Electric / Inster (2024–present)
External links
- [http://www.ggmotors.com Official website] {{in lang|ko}}
References
{{Hyundai Motor Company}}
{{DEFAULTSORT:Gwangju Global Motors Automotive}}
Category:Automotive companies established in 2019
Category:Companies based in Gwangju
Category:Multinational companies headquartered in South Korea
Category:South Korean companies established in 2019
Category:Hyundai Motor Company
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