SAIC in talks with GM over India deals
By Fang Yan and Edmund Klamann |
October 17, 2009, Saturday
|
Print Edition
Print Edition
SAIC Motor Corp, China's biggest auto maker, is in talks with its partner General Motors to explore new business opportunities that include India, a source with knowledge of the matter said yesterday.
India's Economic Times reported that the Shanghai-based auto maker was close to taking a stake in General Motors India but did not provide further details.
The source told Reuters that discussions between SAIC and GM were aimed at expanding their ties, including opportunities in India, one of the world's fastest growing auto markets.
The United States auto maker produces Cadillac, Buick and Chevrolet models in Shanghai with SAIC. The partners also manufacture Wuling-brand minivans and pick-up trucks.
"GM's discussions with SAIC include business opportunities in India, but no final decision has been made on how they will cooperate," the source said.
SAIC said only that it was continuing discussions on further business opportunities with GM, while GM had no comment on the matter.
The GM-SAIC partnership is one of the most successful tie-ups between a foreign and a Chinese auto maker, helping both to be dominant players in a market where Volkswagen AG, Toyota Motor, Ford Motor are also competing fiercely.
SAIC, the maker of Roewe sedans popular with the young Chinese business elite, forecast a more than 70-percent jump in its net profit in the first nine months of this year, after reporting a 47-percent rise in vehicle sales.
GM sold 55.6 percent more vehicles in China during the period, leading a 34.24-percent increase of the overall market. Its China chief Kevin Wale has said the auto maker aimed to outpace the growth of the market again next year.
India's Economic Times reported that the Shanghai-based auto maker was close to taking a stake in General Motors India but did not provide further details.
The source told Reuters that discussions between SAIC and GM were aimed at expanding their ties, including opportunities in India, one of the world's fastest growing auto markets.
The United States auto maker produces Cadillac, Buick and Chevrolet models in Shanghai with SAIC. The partners also manufacture Wuling-brand minivans and pick-up trucks.
"GM's discussions with SAIC include business opportunities in India, but no final decision has been made on how they will cooperate," the source said.
SAIC said only that it was continuing discussions on further business opportunities with GM, while GM had no comment on the matter.
The GM-SAIC partnership is one of the most successful tie-ups between a foreign and a Chinese auto maker, helping both to be dominant players in a market where Volkswagen AG, Toyota Motor, Ford Motor are also competing fiercely.
SAIC, the maker of Roewe sedans popular with the young Chinese business elite, forecast a more than 70-percent jump in its net profit in the first nine months of this year, after reporting a 47-percent rise in vehicle sales.
GM sold 55.6 percent more vehicles in China during the period, leading a 34.24-percent increase of the overall market. Its China chief Kevin Wale has said the auto maker aimed to outpace the growth of the market again next year.
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