GM esta lithium battery blishes JV with FAW to make light trucks
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General Motors said yesterday it has agreed to set up a light commercial vehicle production venture with major Chinese automaker FAW Group, with an investment of 2 billion yuan ($293 million).</p]
The 50-50 joint venture, based in Changchun, Jilin Province, will make light-duty trucks and vans, GM said in a statement.</p]
“For us in China, this is an important complement to the rest of our portfolio,” Kevin Wale, president and managing director for GM’s China operations, told reporters in a conference call.</p]
Wale said the deal will enable GM to expand.</p]
“We are well established in passenger vehicles and mini commercial vehicles and we haven’t had a presence in the truck segment. Adding a truck portfolio rounds that out,” Wale said.</p]
The venture will use two existing FAW plants in Changchun and the city of Harbin, also in the northeast, with combined annual capacity of roughly 90,000 vehicles, he said.</p]
A greenfield plant, currently under construction in Harbin, will add 100,000 units of capacity by the end of next year, he said.</p]
Vehicles made at the venture will carry the FAW brand and will focus on supplying the China market, but they could be exported under a GM brand through the Detroit automaker’s global network in the future, Wale said.</p]
GM is making Buick, Chevrolet and Cadillac models at its flagship China venture with SAIC Motor Corp.</p]
It also makes minivans, pickup trucks and the Spark compact car in a three-way tie-up with SAIC and Liuzhou Wuling Automobile.</p]
SAIC-GM-Wuling sold 87,925 vehicles in July, up 90.7 percent from a year earlier, helped by Beijing’s stimulus initiatives to support the industry, including subsidies for buyers in rural areas.</p]
GM, which now holds 34 percent of SAIC-GM-Wuling, has been seeking to raise its stake in the venture.</p]
It was reported earlier this month that GM had secured an initial deal to take over Liuzhou Wuling Auto’s 15.9 percent stake for roughly 300 million yuan ($43.9 million).</p]
Wale reiterated the US automaker’s interest in raising its stake in the venture but made no further comment on the issue.</p]
<em]Reuters</em]<br /]</p]<p align=center] Explore the World, Understand China!
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