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GM To Form China Venture, Invest $293 Million [Stimulus $$s At Work!]
Reuters ^ | August 30, 2009

Posted on 08/30/2009 1:44:50 PM PDT by Steelfish

GM to form China venture, invest $293 million Partnership with FAW Group will produce light-duty trucks and vans

Aug 30, 2009

SHANGHAI - General Motors said on Sunday it has agreed to set up a light commercial vehicle production venture with major Chinese automaker FAW Group, with total investment of $293 million.

The 50-50 joint venture, based in the northeast China city of Changchun in Jilin province, will make light-duty trucks and vans, GM said in a statement.

"For us in China, this is an important complement to the rest of our portfolio," Kevin Wale, president and managing director for GM's China operations, told reporters in a conference call.

"We are well established in passenger vehicles and mini commercial vehicles and we haven't had a presence in the truck segment. Adding a truck portfolio rounds that out."

The venture will use two existing FAW plants in Changchun and the city of Harbin, also in the northeast, with combined annual capacity of roughly 90,000 vehicles, Wale said.

A greenfield plant, currently under construction in Harbin, will add 100,000 units of capacity by the end of next year, he said.

Vehicles made at the venture will carry the FAW brand and will focus on supplying the China market, but they could be exported under a GM brand through the Detroit automaker's global network in the future, Wale said.

(Excerpt) Read more at msnbc.msn.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: automakers; generalmotors; lightdutytrucks; madeinchina; manufacturing
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1 posted on 08/30/2009 1:44:51 PM PDT by Steelfish
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To: Steelfish

Unions learning what it means to eat their own dog food!


2 posted on 08/30/2009 1:52:59 PM PDT by HiTech RedNeck (Barack Obama is a political suicide bomber and the Rats are political arsonists.)
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To: Steelfish

If China would buy goods like cars imported from the USA, they could have something to buy with their dollars, and help support Americans, who would then go out and buy Chinese junk at WalMart.


3 posted on 08/30/2009 1:55:21 PM PDT by Vince Ferrer
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To: Steelfish

The unions, Obama and Red China. Yeah! That should work!


4 posted on 08/30/2009 1:56:57 PM PDT by FlingWingFlyer (Dude! Where's my country?)
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To: Steelfish

I was asked to sign a petition to save the Mansfield, Ohio plant and the link came from a progessive organization. Maybe I should send this link back.


5 posted on 08/30/2009 2:02:55 PM PDT by JavaJumpy
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To: FlingWingFlyer

So our tax money is being invested in a car mfg. plant in China? How does that help us exactly?


6 posted on 08/30/2009 2:03:53 PM PDT by bicyclerepair (Thank you Mr. Robinson (toodamtall1@yahoo.com))
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To: bicyclerepair

I think it has something to do with the unions outsourcing their work to cheap, Chinese slave labor and cashing in on it here. The unions seem to be modeling themselves after those “Big business scoundrels” who they demonized for so long.


7 posted on 08/30/2009 2:09:36 PM PDT by FlingWingFlyer (Dude! Where's my country?)
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To: FlingWingFlyer

I suppect this deal has been the works since Geithner went to China back in March!


8 posted on 08/30/2009 2:18:19 PM PDT by WellyP
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To: Steelfish

General Mao-ters
Take that UAW!

Pray for the Tea Partie XPress


9 posted on 08/30/2009 2:20:51 PM PDT by bray (He's a Divider not a Uniter)
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To: Vince Ferrer

That’s only if we want to create a cycle where the money goes between both countries

the dems are only interested in draining the money from the US, not returning it


10 posted on 08/30/2009 2:22:29 PM PDT by sten
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To: Steelfish

At least they are investing a more capitalistic country.


11 posted on 08/30/2009 2:33:54 PM PDT by depressed in 06 (Idiotcracy has arrived 400 years early.)
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To: bicyclerepair

Excellent! You beat me to the punch.


12 posted on 08/30/2009 2:48:34 PM PDT by himno hero
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To: FlingWingFlyer
The unions seem to be modeling themselves after those “Big business scoundrels” who they demonized for so long.

Eating their own dog food, and they aren't satisfied with the store brand, they want the Ken-L-Ration. Hard to blame them. On the other hand it will badly splinter them. Couldn't happen to a nicer union.

13 posted on 08/30/2009 3:03:20 PM PDT by HiTech RedNeck (Barack Obama is a political suicide bomber and the Rats are political arsonists.)
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To: depressed in 06

China owns us now anyway, now they’re just trying to cash in.


14 posted on 08/30/2009 3:04:39 PM PDT by dfwgator
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To: bicyclerepair

If it earns a profit, money in fungible currency can be milked from it (it’s not like the olden days when you could only get funny money from China). Part should go back to Uncle Sam and part to the company.


15 posted on 08/30/2009 3:06:16 PM PDT by HiTech RedNeck (Barack Obama is a political suicide bomber and the Rats are political arsonists.)
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To: HiTech RedNeck

I agree. Now the union members will finally get to see that the thugs who run the unions ARE NOT THEIR FRIENDS. We are definitely entering popcorn country.


16 posted on 08/30/2009 3:07:17 PM PDT by FlingWingFlyer (Dude! Where's my country?)
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To: FlingWingFlyer

Bummer has been too clever by half here. He’s actually got a crowd that he intended to be his servants for life, interested in raw capitalism. And it might even help the treasury a smidgen.


17 posted on 08/30/2009 3:12:28 PM PDT by HiTech RedNeck (Barack Obama is a political suicide bomber and the Rats are political arsonists.)
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To: FlingWingFlyer

Bingo


18 posted on 08/30/2009 3:14:24 PM PDT by mowowie
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To: dfwgator

Cash in?????? They are cashing in alright. Notice how China is buying vast amounts of resources around the world. The are converting US Bonds for real assets. Before you know it they will be out from under our debt.


19 posted on 08/30/2009 3:21:52 PM PDT by Orange1998
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To: Orange1998

Many countries are getting smart. They are not selling the assets, they are selling the access to their assets. There is a BIG difference!


20 posted on 08/30/2009 3:33:44 PM PDT by WellyP
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