Gwangju Global Motors

Gwangju Global Motors Co. Ltd.
Native name
광주글로벌모터스
Company typeJoint venture
IndustryAutomotive
Founded2019[1]
HeadquartersGwangju, South Korea
Key people
Park Gwang-tae (CEO)
OwnerGwangju Metropolitan Government (21%)
Hyundai Motor Company (19%)[2]
Websitewww.ggmotors.com

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. The first model produced by the plant, the Hyundai Casper rolled off of GGM’s production line in September 2021.[3][4] The plant have the capacity to produce 70,000 vehicles a year.[5] 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.[6]

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.[7]

  1. ^ "Gwangju project is off to an inauspicious start". Korea JoongAng Daily. 26 December 2019. Retrieved 2021-07-17.
  2. ^ "Stranded Gwangju job project distresses Hyundai". The Korea Times. 2020-04-23. Retrieved 2021-07-17.
  3. ^ "GGM, Korea's first car plant in decades, completed". Korea JoongAng Daily. 29 April 2021. Retrieved 2021-07-17.
  4. ^ "Remarks by President Moon Jae-in at Dedication Ceremony of Gwangju Global Motors' Plant". english1.president.go.kr. Retrieved 2021-07-17.
  5. ^ "Moon visits new car factory in Gwangju". The Korea Times. 2021-04-29. Retrieved 2021-07-17.
  6. ^ "South Korea's first auto plant in 23 years opens as 'half-wage factory'". Nikkei Asia. Retrieved 2022-01-20.
  7. ^ "3500억 조달 '빨간불'…광주글로벌모터스, 하반기 공사 중단 우려" ['Red light' to raise 350 billion won... Gwangju Global Motors fears that construction will be suspended in the second half of the year]. The Korea Economic Daily (in Korean). 2020-04-22. Retrieved 2021-07-17.