GM reiterates China business not affected by revamp plan

By Jin Jing | February 19, 2009, Thursday |

Print Edition

GENERAL Motors Corp, which pledged to cut additional jobs and sell some of its brands as it tries to seek more United States government bailout funds to avoid bankruptcy, said its business in China would not be affected by its restructuring plan.

The US car maker reiterated the importance of the Chinese market in its global strategy and said business and key projects in China would continue to proceed as scheduled.

"With expanding vehicle sales in China, GM remains profitable, which helps us to support the development of new programs and business with self-funded capital," GM China said in a statement.

It was made after earlier media reports said GM would sell stakes in its major Chinese passenger car ventures to ease its tight liquidity followed by plans to launch new models.

GM said five new models will be launched under its Chevrolet and Buick brands in China within two years.

By the end of this year, more than 13 new models will be launched including the new Buick Regal and Chevrolet Cruze mid-class sedan, which will boast better fuel economy.

The product upgrades would also cover other brands including Cadillac, Opel, Saab and those of its minivan affiliate Wuling.

GM also said construction of its 2-billion-yuan (US$292 million) test drive center and the US$250-million GM Campus, which will house its China and Asia Pacific headquarters, would proceed as scheduled.

Although sales cooled, China's auto market has not plunged - unlike some others overseas. In fact it became one of the few markets to help GM battle against a global sales slump.

GM said it sold 111,282 units in China in January, a rise of 3.3 percent. Last year its sales expanded 6 percent in China, the slowest pace since 2000.

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GM reiterates China business not affected by revamp plan

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