GM Plans Huge Exports In Deal With JV
Source: Agencies |
January 25, 2011, Tuesday
|
Print Edition
Print Edition
GENERAL Motors Co plans to export US$900 million in vehicles and parts to China under a two-year agreement signed with its flagship joint venture, Shanghai GM.
Vehicle exports will be worth US$500 million and components worth US$400 million under the agreement, the company said in a release on Sunday.
"We are committed to working with both countries to promote bilateral trade," said Kevin Wale, president and managing director of the GM China Group.
China overtook the United States as the world's biggest auto market, by sales of new vehicles, in 2009. Last year, passenger car sales rose by a third to 13.7 million units while total vehicle sales topped 18 million.
GM's strong growth in China and other fast growing emerging markets has proven a lifeline in tough times, helping offset lagging growth in the US and Europe.
Shanghai GM sold 1.03 million vehicles in China last year, as the country's leading passenger car maker. Overall, GM and its joint ventures sold 2.35 million vehicles in China in 2010, up 29 percent from a year ago.
Vehicle exports will be worth US$500 million and components worth US$400 million under the agreement, the company said in a release on Sunday.
"We are committed to working with both countries to promote bilateral trade," said Kevin Wale, president and managing director of the GM China Group.
China overtook the United States as the world's biggest auto market, by sales of new vehicles, in 2009. Last year, passenger car sales rose by a third to 13.7 million units while total vehicle sales topped 18 million.
GM's strong growth in China and other fast growing emerging markets has proven a lifeline in tough times, helping offset lagging growth in the US and Europe.
Shanghai GM sold 1.03 million vehicles in China last year, as the country's leading passenger car maker. Overall, GM and its joint ventures sold 2.35 million vehicles in China in 2010, up 29 percent from a year ago.
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