GM Daewoo considers producing hybrid car in 2011

SEOUL, July 21 (Yonhap) -- GM Daewoo Auto & Technology Co., the local unit of U.S. carmaker General Motors Corp., is considering producing a hybrid vehicle in 2011 in South Korea, a company official said Tuesday.

"Researchers from GM headquarters and GM Daewoo are carrying out projects to
build eco-friendly cars, including a hybrid vehicle," said the official at GM
Daewoo.
GM Daewoo has tentatively agreed with its labor union on the plan to produce a
hybrid car in South Korea, according to the official.
The official added GM Daewoo may start producing a hybrid car in 2011, but an
exact timetable has not been set.
GM emerged from bankruptcy protection early this month after the U.S. government
took control of a majority stake in the world's second-largest carmaker.
Cash-strapped GM Daewoo has been in talks with the state-run Korea Development
Bank over the carmaker's request for 1 trillion won (US$800.3 million) in
emergency loans.
The talks have reportedly faltered on GM's refusal to offer as collateral part of
its GM Daewoo stake as requested by the South Korean bank.