GM pledges $7.3 billion investment in South Korea unit

SEOUL: General Motors Co said it would invest $7.3 billion in its South Korean unit over the next five years -- an amount which will likely help relieve concerns that the U.S. automaker was set to reduce its presence in the country.

Fears of output cuts and layoffs had grown after GM said it was interested in gaining full control of GM Korea by buying a 17 percent stake from the unit's second-biggest shareholder, a move that was seen as possibly paving the way for restructuring steps.