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GM will stay in South Korea for at least 10 years and set up its Asia-Pacific headquarters in the country, according to terms of the deal rescuing the struggling unit.
After 16 years and billions of dollars in investments, GM faces a decision in South Korea: stay or leave. GM international chief Barry Engle plans to meet South Korean officials this week.
Word of the surprise shakeup at VW arrived in a press release that bore the signs of haste. Now Herbert Diess is preparing to take the top role at the automaker -- and he has a long to-do list.
Ford shares jumped after Morgan Stanley raised its valuation of the automaker for the first time in two years -- a sign Wall Street may be warming to restructuring efforts under CEO Jim Hackett.
GM confirmed details of a proposed investment in its loss-making South Korean business, but said it was subject to support from Seoul and GM's Korean union.
GM will propose a base wage freeze and no bonuses this year along with a suspension of some worker benefits at its money-losing South Korean unit to cut costs, according to an internal letter.
Robert Bosch is joining the wave of suppliers shifting their organizational structures to brace for massive industry changes.
GM called for cooperation over its restructuring effort in South Korea as a top executive of the automaker met the mayor of the South Korean city of Incheon, home of the unit's largest plant.
Continental aims to float part of its business on the stock exchange before the end of the year, a German business publication reported.
Continental hired JP Morgan to advise on a possible reorganization that could see a breakup of the company's business units as it repositions for a market focused on EVs and AVs, Reuters reported.
Canadian auto parts giant Magna said it will realign its divisions and create four global, product segments. It plans to report quarterly sales and earnings for each unit beginning in 2018.
Under new CEO Jim Hackett, Ford plans to redirect a third of the company's internal-combustion engine outlays to vehicle electrification and cut costs by $14 billion.
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