GM signs $900 million deal to export Cadillac, Buick and Chevrolet cars to China
By Andrew, 24 Jan, 2011. 0 Comments
2011 Buick LaCrosse
A two-year deal worth $900 million was inked recently by General Motors Co. and its Shanghai General Motors joint venture. This would mean that GM can now export Cadillac, Buick and Chevrolet vehicles and components to China. The carmaker said that the vehicle exports are valued at $500 million and the component exports are valued at $400 million. GM’s largest market right now is China. Last year, it sold 2.35 million vehicles in China, a 29% increase from 2009.
Shanghai GM, a joint venture between GM and large Chinese automaker, SAIC Motor Corp., posted sales of 1.03 million. This agreement is included in a series of new trade and investment pacts linked to the visit of Chinese President Hu Jintao to the U.S. last week.
GM China Group Vice President David Chen had signed the agreement in Chicago. Kevin Wale, president of the GM China Group, said that GM is fully supportive of a “mutually beneficial, open and productive trade environment, which can bring a win-win outcome to all parties involved.” Wale also talked about the company’s commitment to working with both countries to promote bilateral trade. [via autonews - sub. required]
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