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Obama hopes GM's China success rubs off back home
Shanghai (AFP) Nov 16, 2009 US President Barack Obama had a chance on Monday to compare notes with Chinese officials on one of his administration's major investments that is doing better here than at home: General Motors. At the start of talks with Obama, Shanghai Communist Party Secretary Yu Zhengsheng commented on GM's "fantastic performance" in China, the world's largest car market, and how that success was helping the US firm at home. "Absolutely," the US leader replied. "I think they can learn from their operations here in terms of increasing sales back in the United States." In China, the US auto giant and its joint venture partners announced this month that they had sold more than 1.5 million vehicles this year -- a record -- with January-October sales up 59.8 percent from the first 10 months of 2008. GM said it sold 166,911 vehicles in October in China -- more than double the number sold in the same month last year. In the US in October, the automaker sold 177,603 new vehicles, up four percent from the same month in 2008 -- and its first year-on-year gain at home since January 2008. Obama has described the US federal government as "reluctant shareholders" in GM, with a 60 percent stake after helping the car company emerge from a 40-day bankruptcy reorganisation in July. GM is the market leader in China in a joint venture with the SAIC Motor Corp Ltd, in which government-owned Shanghai Automotive Industry Corporation Group has a 78.9 percent stake. Yu is Shanghai's highest-ranking official. China's total car sales outstripped those in the United States for the first time in January to make the Asian giant the world's largest car market. Share This Article With Planet Earth
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Electric cars need government support: Nissan-Renault CEOShanghai (AFP) Nov 12, 2009 Electric cars could help China and other countries reduce their dependency on oil but the government must provide incentive to make the shift, Nissan and Renault CEO Carlos Ghosn said Thursday. Car makers need backing as they respond to the growing consensus among consumers that zero-emission vehicles are necessary to cope with the environmental crisis, Ghosn told an auto forum in Shanghai. ... read more |
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