GM inks $900M deal to export vehicles, parts to China
By Mark Kleis Monday, Jan 24th, 2011 @ 05:44 a.m. As a result of recent talks between President Obama and Chinese President Hu, General Motors and its China-based joint venuter, Shanghai General Motors, have signed a two-year agreement to export $900 worth of GM goods to China.
The deal will see the exportation of $500 million worth of Buick, Cadillac and Chevrolet vehicles, as well as another $400 million worth of vehicle components.
“GM fully supports a mutually beneficial, open and productive trade environment, which can bring a win-win outcome to all parties involved,” said Kevin Wale, president and managing director of the GM China Group.
Shanghai GM sold 1,033,307 vehicles in china in 2010, the most of any automaker in the country. Last year’s top sales position marks the sixth consecutive year that GM has led the Chinese market in auto sales volume, with total sales by GM and its joint ventures in China reaching 2,351,610 units, a growth of 28.8 percent.