GM Daewoo's auto sales fall 22.9 pct in August

SEOUL, Sept. 1 (Yonhap) -- GM Daewoo Auto & Technology Co., the South Korean unit of General Motors Corp., said Tuesday its vehicle sales fell 22.9 percent last month from a year ago, hit by sluggish overseas demand.

GM Daewoo sold 38,192 units in August, with exports declining 27.6 percent to
31,075 units, the company said in a statement. But domestic sales rose 8.1
percent to 7,117 units last month.
Earlier in the day, GM Daewoo said it will cut white-collar jobs through an early
retirement program as it feels the pinch of falling sales.
GM Daewoo plans to provide severance payments, including a bonus worth up to 18
months of basic monthly salary, to office workers who agree to be let go. No
target has been set on how many employees will have to leave the company under
the program, GM Daewoo officials said.
It would be the first job cut by GM Daewoo, whose U.S. parent recently escaped
from bankruptcy protection.