GM buys Daewoo engine plant

General Motors (GM) and partner Shanghai Automotive Industry Corp (SAIC) said they agreed to acquire a car factory from South Korea's Daewoo. GM and SAIC will each own 25% of the Shandong province-based factory while GM's Shanghai subsidiary, Shanghai GM, will hold the remainder. The plant will be renamed GM Dong Yue Automotive Powertrain Co and is slated to produce 300,000 engines per year. No purchase price was disclosed.