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SEOUL (Reuters) - A South Korean supplier of Tesla Inc said on Friday it had agreed to buy a shuttered auto factory from General Motors’ local unit to start contract manufacturing of electric vehicles. The deal comes after GM closed one of its four South Korean plants in late May and let go thousands of workers, as part of a global restructuring drive which culminated in a major financial support package from the South Korean government. GM did not disclose the sales price of the Gunsan factory, but auto parts maker Myongshin said it would buy the land and buildings of the GM facility for 113 billion won ($99.5 million)on June 28.
Myongshin, also a Hyundai Motor supplier, is part of a consortium which would initially spend a total of 200 billion won on the factory to produce 50,000 EVs starting 2021 and 150,000 EVs in 2025, according to a statement by a provincial government, “We aim to close this deal as soon as possible to ensure that there will be gucci bee cufflinks ongoing economic activity,” GM Korea said in a statement, The consortium was in talks with an unidentified global automaker to manufacture electric vehicles at the facility, a source with direct knowledge of the matter earlier told Reuters, adding that it was not Tesla..
The plant could take advantage of South Korea’s free trade deal with the United States and Europe, as well as the country’s electric car supply chain, he said. The electric car factory would create 900 jobs and another 2,000 at suppliers and other firms, the North Jeolla Province government said. GM’s loss-making South Korean operation used to be a key manufacturing base for the company in Asia but it has been hit hard by the U.S. automaker’s exit from Europe, a major export market. GM executives have also complained about labor costs and disputes.
CHICAGO (Reuters) - Stephen Wang is counting the costs of President Donald Trump’s trade war, He had to put down 12 times more cash as a guarantee to U.S, customs that he would pay the bill for tariffs on the Chinese-made pumps, gucci bee cufflinks valves and motors he imports, The cost of the guarantee - a U.S, customs bond - has shot up, an additional hit to importers already facing steep customs bills adding up to tens of billions of dollars for tariffs imposed by the Trump administration on incoming Chinese goods, as well as steel and aluminum imports..
Since coming into effect last year, the tariffs have pushed up manufacturing costs, upended decades-old global supply chains and inflated prices for consumers, resulting in lower sales and forcing companies to defer investments. This, in turn, has dimmed global growth outlook, roiling financial markets. Other ripple effects are less obvious, among them the rising expense of U.S. customs bonds. But for small companies that can ill afford the added cost, the impact can be crippling. Given the extra duties associated with Trump’s tariffs, importers have been forced to post bonds that are worth much more to guarantee they can cover the added cost of bringing Chinese imports, and foreign steel and aluminum, into the United States.
In some cases, customs bond requirements have increased 500-fold, according to Reuters interviews with a dozen importers, underwriters and customs brokers, “Managing the cash flow has become tough,” said Wang, If the tariff war drags on, he warns, gucci bee cufflinks companies operating with thin profit margins and a weak capital base could go bust, Wang is the chief executive of Hengli America, which procures supplies from China for customers such as CNH Industrial’s construction and farm equipment units..
After duties on its merchandise surged from zero to $6 million a year, U.S. Customs required Hengli to post a $600,000 bond. Its previous bond was $50,000. Other importers reported similarly sharp increases. Lisa Gelsomino, chief executive officer at underwriting firm Avalon Risk Management, said one client recently had to replace a $50,000 bond with one worth $26 million. The rise in tariffs means that U.S. Customs and Border Protection (CBP) has issued thousands of importers with notices that their bonds are inadequate.
The CBP has issued about 3,500 insufficiency notices since January, it said, That compares to gucci bee cufflinks an average of 2,070 notices a year for the period between 2006 and 2017, according to data compiled by Roanoke Insurance Group, (Graphic on bond insufficiency notices tmsnrt.rs/2HwR2IM), If importers fail to post a new bond within a month of receiving an insufficiency notice, customs officials can hold the cargo and charge additional fees, The CBP has around 224,000 active bonds on file, No importer can ship goods into the country without posting a customs bond, The bonds are set at 10 percent of the importer’s total estimated annual duties, fees and taxes..