GM China says it is still expanding despite its parent’s woes in the US.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
GM’s China business is self-sustaining and does not require financing from the struggling parent company in the United States, GM China President Kevin Wale told reporters.
He said the firm is maintaining its goal of doubling sales to more than two million units annually over the next five years and will “probably need to build another plant in the next five years”.
But Wale said the China arm is still in talks with local firm First Automotive Works (FAW) to set up a commercial vehicle joint venture.
“On FAW, we have said previously we are working closely with them on the commercial vehicle project,” he said.
Wale also said that GM sales in China jumped 75% in May from a year earlier to another record monthly high of 156,000 units, boosted in particular by strong sales of minivans eligible for government subsidies.
