Rick Wagner: GM to seek new partners in China

"We have been taking part in in-depth cooperation and integration in China's automobile industry." General Motors Corporation chairman and CEO Wagner said recently and his remark is suggesting that GM's strategy in China is to speed up. General Motors is finding new partners, and is likely to acquire assets of competitors to keep General Motors ahead of the game in the Chinese market.

Wagner said that although the company has not yet taken into account in any transaction, but he stressed that General Motors has been actively taken in a reorganization escalation process of the Chinese auto industry, and continued its in-depth plans.

Currently, General Motors in China with its main partner Shanghai Automotive Industry (Group) Corporation have jointly promoted trade integration, to take the share of Liuzhou small car manufacturer SAIC General WULING Motor Co. and Shanghai GM Motors Limited in Shenyang.

"Currently, the company has no specific plans, but the company is ready to acquire more competitors for their assets. General Motors and Shanghai Automotive have a very good partnership, and according to a rough estimate, China has more than 100 vehicle manufacturers, many of which are small-scale local operations, General Motors hopes to join the industrial integration of the industry in China. " General Motors business in the Asia Pacific region official Nick Reilly said.

Just a few days ago, General Motors and the Chinese Ministry of Commerce signed an agreement in Michigan. According to the agreement, General Motors products exports to China may be worth 700 million U.S. dollars. General Motors is expected vehicle sales in China will reached one million for the first time in 2007.