GM, SAIC to jointly tap China used-car market

General Motors GM.UL and its long-time Chinese partner, SAIC Motor Corp (600104.SS), are teaming up again to tap the used car business in the world's largest auto market.

GM China and its car venture with SAIC each holds a 33 percent stake in Shanghai Chengxin Used Car Operation and Management Co, with SAIC subsidiary, Shanghai Automotive Industry Sales Co, holding the remainder, the Detroit automaker said in a statement on Thursday.

Shanghai Chengxin will open shops in Beijing and other cities in eastern and southern China, with four facilities expected to start operations next year, it said.

Used cars available at the facilities include Buick, Chevrolet, Cadillac brands as well as non-GM models, it added.