The Truth About Cars » Unification Church http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Mon, 20 Oct 2014 20:00:44 +0000 en-US hourly 1 http://wordpress.org/?v=4.0 The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars no The Truth About Cars editors@ttac.com editors@ttac.com (The Truth About Cars) 2006-2009 The Truth About Cars The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars » Unification Church http://www.thetruthaboutcars.com/wp-content/themes/ttac-theme/images/logo.gif http://www.thetruthaboutcars.com TTAC’s Believe It Or Not: Moonies Abandon North Korean Car Joint Venture http://www.thetruthaboutcars.com/2012/11/ttacs-believe-it-or-not-moonies-abandon-north-korean-car-joint-venture/ http://www.thetruthaboutcars.com/2012/11/ttacs-believe-it-or-not-moonies-abandon-north-korean-car-joint-venture/#comments Tue, 27 Nov 2012 14:20:28 +0000 http://www.thetruthaboutcars.com/?p=468133 Reuters calls it “one of the more bizarre joint ventures in car-making,” and it is coming to an end. South Korea’s Unification Church, better known as the Moonies, is giving up its investment in the one and only carmaker in North Korea, Pyeonghwa Motors. “Giving up” is carefully chosen: The church will walk away from […]

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Reuters calls it “one of the more bizarre joint ventures in car-making,” and it is coming to an end. South Korea’s Unification Church, better known as the Moonies, is giving up its investment in the one and only carmaker in North Korea, Pyeonghwa Motors. “Giving up” is carefully chosen: The church will walk away from the business, and donate its 70 percent stake to North Korea.

The envy of every chaebol, Sun Myung Moon’s church owns a sprawling conglomerate of companies. It owns everything from United Press International to a company that supplies most of America’s sushi restaurants. The North Korean car JV was set up in 2002. It produces what Reuters calls “models based on ageing Fiat SpA designs as well as those of Brilliance China Automotive Holdings.”

Before Sun Myung Moon died in September aged 92, he made a will to give back the auto business with the North, a source told Reuters. It sounds like a good move.

Pyeonghwa is a prime example for overcapacity. Its website  says the 10.76 million square foot factory has the capacity to produce 10,000 vehicles a year. It lists sales as 1,873 vehicles in 2011.

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