GM Daewoo Invested $100 Million In New S Korea Car Engine Plant

SEOUL December 17, 2002; Dow Jones reports that GM Daewoo Auto & Technology Co. invested about $100 million to build a new engine plant at its production facility in Changwon, a southeastern city in South Korea, to make "T4" car engines, the company said in a statement Tuesday.

GM Daewoo's new engine plant will have an annual production capacity of 220, 000 engine units, and recently began production, it said.

GM Daewoo is a joint venture of General Motors Corp. , its partners and Daewoo Motor Co.'s creditors.

The T4 engines will be installed in the 1.0-liter Matiz, which will be exported to western Europe, the company's major foreign market. The engines will be also used in the 1.2-liter Kalos to be sold starting in February 2003, it said