GM boosts stake
By Jin Jing |
February 1, 2011, Tuesday
|
Print Edition
Print Edition
GENERAL Motors Corp has increased its stake in its Chinese venture SAIC-GM-Wuling Automobile in an attempt to boost profits in the booming Chinese market.
The United States car maker has bought an additional 10 percent stake of the minivan venture from Wuling Group for US$51 million.
The deal, which was concluded late last year and won government approval, helped GM increase its stake to 44 percent in the enterprise, up from 34 percent. GM also pledged support in technologies and new models to the Liuzhou-based venture.
Shanghai GM remained the biggest shareholder of SAIC-GM-Wuling with 50.1 percent while Wuling Group holds the remaining 5.9 percent.
Sales of SAIC-GM-Wuling rose 14.8 percent to 1.14 million units last year, accounting for 49 percent of GM's total sales of 2.35 million units in China.
The United States car maker has bought an additional 10 percent stake of the minivan venture from Wuling Group for US$51 million.
The deal, which was concluded late last year and won government approval, helped GM increase its stake to 44 percent in the enterprise, up from 34 percent. GM also pledged support in technologies and new models to the Liuzhou-based venture.
Shanghai GM remained the biggest shareholder of SAIC-GM-Wuling with 50.1 percent while Wuling Group holds the remaining 5.9 percent.
Sales of SAIC-GM-Wuling rose 14.8 percent to 1.14 million units last year, accounting for 49 percent of GM's total sales of 2.35 million units in China.
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