South Korea, Thailand deny Financial Aid to General Motors

The fact that the auto industry has become truly global affords the major automakers the opportunity to ask for bailout money from more than one government. Take General Motors, for example.

The U.S. division of GM is receiving a low-interest loan from the U.S. government and is expecting to get more money after it submits a viable business plan to the feds.

Meanwhile, GM in Korea has approached the South Korean government and has asked it for funding help. The actual request was made by GM Daewoo Auto & Technology, GM’s wing in Korea. But the government has said no to the plea.

Sales for GM Daewoo fell 50.4 percent in January and sales fell a total of 8 percent for 2008.

GM in Thailand also asked that country’s government for assistance but was turned down. The automaker had asked for funds to assist it to pay for the construction of a new factory and expansion of production.