 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
GM China says still expanding despite parent's woes
Shanghai (AFP) June 2, 2009 The China unit of automaker General Motors continues to expand despite the woes of its parent, which this week filed for bankruptcy, with new joint venture plans still on, an executive said Tuesday. GM's China business is self-sustaining and does not require financing from the struggling parent company in the United States, GM China President Kevin Wale told reporters. He said the firm is maintaining its goal of doubling sales to more than two million units annually over the next five years and will "probably need to build another plant in the next five years". The once-mighty General Motors filed for bankruptcy in New York Monday in a bid to wipe out massive debts piled up over the past decade. But Wale said the China arm is still in talks with local firm First Automotive Works (FAW) to set up a commercial vehicle joint venture. "On FAW, we have said previously we are working closely with them on the commercial vehicle project," he said. "We are still working through the agreements with them... We are moving forward in a positive manner." He said GM sales in China jumped 75 percent in May from a year earlier to another record monthly high of 156,000 units, mainly boosted by strong sales of minivans eligible for government subsidies. Its sales in China, which was the largest auto market in the world from January to May 2009, grew 33.8 percent during the five months from the same period a year ago to more than 670,000 units, the company said. "We are really struggling to satisfy the demand. We anticipate the growth to continue for the next couple of months," Wale said. GM currently has eight joint ventures in China, including a three-way commercial vehicle joint venture with the country's biggest automaker, Shanghai Automotive Industries Corp (SAIC), and Wuling Automobile Corp. Share This Article With Planet Earth
Related Links Car Technology at SpaceMart.com
Struggling GM thrives in ChinaShanghai (AFP) May 31, 2009 GM's overall future may look grim, but half a world away from Detroit in Shanghai, business has never been better. The US auto giant is beating sales records in China and may soon be exporting Chinese-made cars to the United States. "I don't think it makes much difference to us. Obviously we'd prefer to have this restructuring done outside the courts," Kevin Wale, GM China's president ... read more |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2009 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
del.icio.us
Digg
Reddit
YahooMyWeb
Google
Facebook