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.