GM signs $900 million deal to export Cadillac, Buick and Chevrolet cars to China

Article by Christian A., on January 24, 2011

General Motors and its Shanghai General Motors joint venture have inked a $900 million two-year export deal that sees the entry of Cadillac, Buick and Chevrolet vehicles and components in China. The agreement is part of a series of trade and investment deals between the United States and China, inked in Chicago during the official visit of Chinese President Hu Jintao.

Signing in behalf of the US carmaker is GM China Group Vice President David Chen. Exports of GM vehicles and components to China are valued at $500 million and $400 million, respectively. Kevin Wale, President and Managing Director of the GM China Group, remarked that the US carmaker is throwing its full supporting a mutually beneficial, open and productive trade environment that should result to a win-win outcome to all involved parties.

He added that GM is committed to working with both the US and China in promoting bilateral trade. Shanghai GM is considered as the number 1 passenger car maker in China, selling vehicles under the Buick, Chevrolet and Cadillac brands. Shanghai GM sold 1,033,307 vehicles to customers in China.

General Motors, meanwhile, has been the best-selling global carmaker in China in the past six years. GM and its joint ventures sold 28.8 percent more vehicles domestically in 2010 to 2,351,610 units. Based in Detroit, Michigan, General Motors has been making vehicles since 1908.

Its global sales operations span over 120 countries and employ a total of 209,000 persons. GM and its strategic partners build cars and trucks in 31 countries, selling and servicing them through these brands: Buick, Cadillac, Chevrolet, GMC and GM as well as Baojun, Daewoo, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling.

Press Release

GM Signs $900 Million Agreement to Export Vehicles and Components to China

General Motors and its Shanghai General Motors joint venture today signed a two-year agreement worth $900 million to export Cadillac, Buick and Chevrolet vehicles and components to China.

The agreement is part of a series of trade and investment agreements between China and the United States signed in Chicago during the official visit of Chinese President Hu Jintao to the U.S. GM China Group Vice President David Chen signed the agreement on behalf of General Motors. The vehicle exports are valued at $500 million and the component exports are valued at $400 million.

"GM fully supports a mutually beneficial, open and productive trade environment, which can bring a win-win outcome to all parties involved,” said Kevin Wale, President and Managing Director of the GM China Group. “We are committed to working with both countries to promote bilateral trade.”

Shanghai GM is China’s leading passenger car manufacturer. Last year, it sold 1,033,307 vehicles to local consumers. It offers a growing range of products under the Buick, Chevrolet and Cadillac brands.

General Motors has been the sales leader among global automakers in China for six consecutive years. In 2010, domestic sales of vehicles by GM and its joint ventures jumped 28.8 percent on an annual basis to 2,351,610 units.

General Motors Company, one of the world's largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 209,000 people in every major region of the world and does business in more than 120 countries. GM and its strategic partners produce cars and trucks in 31 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Isuzu, Jiefang, Opel, Vauxhall, Wuling and Baojun. More information on the new General Motors can be found at www.gm.com.

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