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GM, China partner take aim at booming India market
GM, China partner take aim at booming India market
Posted on Friday, December 4th, 2009 at 2:13 PM EST. (Employee News)
General Motors Co. and its Chinese partner SAIC Motor are to make small cars and commercial vehicles in India, taking a successful 12-year Chinese partnership into one of the world’s fastest growing auto markets, Reuters reported.
GM, which is restructuring as it emerges from bankruptcy, will also sell a 1 percent stake in its existing China venture to SAIC for about $85 million, giving China’s top carmaker control and allowing it to consolidate the venture’s accounts onto its balance sheet, the report said.
“We have had a successful relationship with them for 12 years,” Nick Reilly, president of GM’s international operations, told reporters on a conference call on Friday. “It seems to us very sensible and a big opportunity to broaden that relationship outside China.” (Reuters)
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Rick
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