Workers assembling vehicles at the SAIC-GM-Wuling Automobile Co production line in Liuzhou, Guangxi. GM and SAIC together operate eight joint ventures in the country. [Agencies]
Posted on 12/05/2009 1:36:41 PM PST by Mr. Jeeves
Workers assembling vehicles at the SAIC-GM-Wuling Automobile Co production line in Liuzhou, Guangxi. GM and SAIC together operate eight joint ventures in the country. [Agencies]
General Motors Co on Friday said it has set up a $100 million joint venture in Hong Kong along with Shanghai Automotive Industry Corp Group (SAIC) to focus on the Asian markets.
As part of this, the new venture would bring under its umbrella all the Indian operations of GM including the two vehicle manufacturing facilities, a power train unit and the nationwide distribution network.
GM would also produce and sell small cars and mini-commercial vehicles developed by Shanghai GM and SAIC-GM-Wuling Automobile Co in India under the new joint venture.
“Over the past decade, SAIC and GM have created one of the world’s most successful automotive industry partnerships,” said Nick Reilly, executive vice-president and president of international operations, GM. “Both companies felt this was the proper time to deepen cooperation beyond China’s borders in order to enhance partnership as part of long-term growth strategies,” he said.
“Changes in the worldwide economy have created new opportunities in emerging markets,” said Hu Maoyuan, chairman of SAIC.
“By leveraging our individual assets and those of our China joint ventures, SAIC and GM are in a strong position to introduce competitive products outside China that will satisfy the needs of consumers in India and other high-potential global markets,” he said
(Excerpt) Read more at asialynx.com ...
You mean our GM Stock which the government is holding for us will go up and we’re gonna get a check in the mail??
Your bail-out tax dollars at work.
Sounds like an opportunity to get “Shanghai’ed”.
"Show me just what Mohammed brought that was new, and there you will find only things evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelogus
After all, it's their money....we just borrowed it.
Sounds treasonous and grounds for purchasing rope.
ObaMao’s legacy costs.
GM would sell its very existence to the Devil they are so desperate. Opps, wait....
The list, ping
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.