General Motors Co., the world’s second-largest automaker, announced plans to invest $7.3 billion over five years to expand in South Korea, saying the market remains important to the company.
The GM Korea unit will boost manufacturing facilities and double the size of its design center this year making it the company’s third-largest after the United States and Brazil, the Detroit- based automaker said in a statement Friday.
“GM Korea will continue to play a major role in our global growth plans,” Tim Lee, GM international operations head, said in the statement. The investment “reinforces our commitment to GM Korea,” he said. The automaker is increasing investment to compete with a resurgent Toyota.