SEOUL -- General Motors will more than triple its car parts purchases from South Korea by 2008, a local trade promotion agency said on Thursday.
GM would increase its purchases from South Korean suppliers to $2 billion by 2008 from the current level of some $600 million, Bo Andersson, GM's vice president for global purchasing, was quoted as saying by the state-run Korea Trade-Investment Promotion Agency (KOTRA).
Andersson addressed a KOTRA-hosted event on Tuesday, Nov. 15, in Detroit. GM's public relations agency in Seoul could not confirm his comments.
GM, the world's biggest automaker, is suffering due to a slide in U.S. sales plus high health care and commodity costs.
A possible strike at its main parts supplier, bankrupt Delphi Corp., could shut down a few plants, analysts have said.
KOTRA said in a statement that GM would send officials to South Korea in December to meet suppliers, without naming specific companies.
A number of local parts makers, including Hyundai Mobis Co. and Mando Corp., supply vehicle parts to GM.