GM Thailand may seek funding from overseas

U.S.-based General Motors Co. (GM) which emerged from bankruptcy in early July said on August 11 that it may seek funds from outside Thailand to help finance its delayed diesel-engine and pickup-truck projects in Rayong, Thailand. Overseas funding would complement funds raised locally from financial institutions, said Nick Reilly, GM’s executive vice-president and president of GM International Operations (GMIO). GM’s Thai unit has been in talks with local financial institutions led by the Export-Import Bank of Thailand to raise the 15 billion baht (US$447.10 million) required for its pickup-truck production line and diesel-engine plant. Steve Carlisle, president of GM (Thailand) and Southeast Asian operations, said the company targets to maintain its market share of between 3.5% and 4% in Thailand this year and in 2010. (August 13, 2009)