New GM to keep expanding GM China operations

Shanghai, July 14 (Gasgoo.com) New GM would keep expanding GM business in China, said Kevin Wale, GM China president and managing director, adding that the launch of the new GM will have a positive impact on GM's operations across China, xinhuanet.com reported.
 
As General Motors exited from bankruptcy protection on July 10, GM China and all the other GM operations in China were moved to the new company. New GM highly values the Chinese market and will base the GM International Operations (GMIO) in Shanghai, China's booming financial center.

New GM CEO Fritz Henderson said the company would keep introducing new models to China. In fact, Shanghai GM has already released Chevy Cruze and new Buick LaCROSSE in the Chinese market. GM's first extended-range electric car Chevy Volt, now on trial run, will go on sale in the U.S. in 2010 and in China in 2011, he added.

GM has built eight joint ventures in China. Its sales in the Chinese market totaled 1.09 million units in 2008. During the first half of 2009, GM China sales jumped 38% to 814,442 units. Sales of Shanghai GM's best-selling Buick brand jumped 34% from a year earlier to 195,989 units.

The first-half sales at GM's commercial-vehicle joint venture, SAIC-GM-Wuling Automobile Co., rose 49.9% from a year earlier to 524,598 units. GM owns 34% of SAIC-GM-Wuling Auto. The company is 50%-owned by SAIC Motor Corp. and 16% by Wuling Automobile Co.

The U.S. automaker has said it aims to double annual sales in China to 2 million units in five years. It sold 1,094,561 units in 2008, an increase of 6%.