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GM, CHRYSLER SHUN SEOUL MOTOR SHOW.
SEOUL, April 1 Asia Pulse - Beleaguered U.S. automakers General Motors Corp. and Chrysler LLC shunned this week's Seoul Motor Show, organizers said Wednesday, as the companies struggle with record losses and little sign of recovery in the global economy.
BMW AG, Nissan Motor Co. (TSE:7201), Porsche SE and seven other foreign automakers will also be absent at the largest auto show in South Korea amid a tightening of company budgets.
A total of 158 exhibitors will show off their vehicles at the biennial fair, which opens Thursday in the city of Goyang, north of Seoul, a drop of 19 per cent from the last gathering. The number of cars on display plunged 58 per cent to 149 vehicles.
The decline in participation underscores how automakers are cutting costs as sales plunge.
"We have found difficulties in hosting companies in the face of the global economic recession," said a senior official at the show's organizing committee.
Five carmakers in South Korea, led by Hyundai Motor Co. (KSE:005380) and its affiliate Kia Motors Corp. (KSE:000270), as well as Toyota Motor Corp. (TSE;7203) ...
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