US: GM inks $900m SAIC export deal
General Motors and its Shanghai General Motors joint venture on Saturday signed a US$900m two year agreement for the export of Cadillac, Buick and Chevrolet vehicles and auto components to China.
The agreement was part of a series of trade and investment agreements between China and the United States signed in Chicago during the official visit of Chinese president Hu Jintao to the US.
GM China Group vice president David Chen signed the agreement on behalf of GM. The vehicle exports are valued at $500m and the components $400m.
"GM fully supports a mutually beneficial, open and productive trade environment, which can bring a win-win outcome to all parties involved,” said GM China group president and managing director Kevin Wale in a statement. “We are committed to working with both countries to promote bilateral trade.”
Shanghai GM is China’s leading passenger car manufacturer and last year sold 1,033,307 vehicles locally. It offers a wide range of products under the Buick, Chevrolet, Cadillac and Wuling brands.
GM said it had been the sales leader among global automakers in China for six consecutive years. In 2010, domestic sales of vehicles by GM and its joint ventures rose 28.8% year on year to 2,351,610 units.