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Last updated at: (Beijing Time) Wednesday, June 05, 2002

GM Signs Minivan Joint Venture in China

General Motors joined two Chinese automobile manufacturers Tuesday in the launching of a 99.6 million-US-dollar joint venture in southwestern China's Liuzhou City. The signing ceremony was held in Nanning, capital of Guangxi Zhuang Autonomous Region.


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General Motors joined two Chinese automobile manufacturers Tuesday in the launching of a 99.6 million-US-dollar joint venture in southwestern China's Liuzhou City.

The signing ceremony was held in Nanning, capital of Guangxi Zhuang Autonomous Region.

Officials of three sides, GM, the Shanghai Automotive Industry (Group) Corporation (SAIC) and the Liuzhou Wuling Automobile Co. Ltd., vowed to build the joint venture in Liuzhou City into one of the biggest motor manufacture bases in China.

The SAIC holds 50.1 percent stake in the joint venture, GM 34 percent and Liuzhou Wuling 15.9 percent.

The launch of the joint venture marked the single largest asset restructuring in China's automobile industry, analysts said, adding that it would eventually rewrite the map of the nation's motor industry.

GM's technology and global resources, SAIC's capital strength and Liuzhou Wuling's production and sales platform would produce a strong competitive edge for the joint venture, analysts said.

Under an agreed plan, the three sides will invest two billion yuan (US$241.83 million) between 2001 and 2010 for the introduction and development of a series of new products.

By that time, the joint venture is expected to produce 300,000 vehicles a year, with annual sales income hitting 16 billion yuan (US$1.93 billion).


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