InfoAnda - Report: GM may up stake in Chinese joint venture

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Report: GM may up stake in Chinese joint venture AP - Thursday, November 13 SHANGHAI, China - General Motors Corp. plans to increase its stake in its thriving joint venture with Chinese automakers SAIC and Wuling Automobile, media reports said Wednesday, citing a senior SAIC executive. Spokesmen for GM and partners SAIC and Wuling refused comment on the reports in China Business News and other state-run newspapers citing SAIC Motor Corp.'s chairman Hu Maoyan as saying that GM was seeking to raise its 34 percent stake in the joint venture. Hu, who was speaking at an industry forum in the northern city of Tianjin, did not give any details. It was unclear how GM, which says it needs U.S. government help to weather current hard times, would finance such a move, or even if it would be able to convince either of its partners to sell. Although growth in China's auto sales has slowed recently as the chill from the global slowdown spreads, the country remains one of GM's fastest growing markets. SAIC-GM-Wuling Automobile, with 548,945 vehicles sold in China last year, is one of its star performers. State-owned SAIC is GM's Shanghai-based partner but aspires to become an international rival. It holds 50.1 percent of the SAIC-GM-Wuling venture and would be reluctant to give up any of those shares, analysts say. That means Wuling, whose controlling owner is the local government in southwestern China's Guangxi region, would need to pare its minority stake further. SAIC-GM-Wuling makes small trucks, minivans and Chevrolet Sparks. GM recently said it had begun exports of Chevrolet N200 minivans from the factory to Peru. GM has eight joint ventures and two wholly owned companies in China, employing more than 20,000 people. The company said its sales in China rose 18.5 percent in 2007 to 1.03 million units. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Kraft chocolate factory to close in RomaniaAP - 1 hour 21 minutes ago Bank of England: Inflation to fall below 2 pct.AP - 1 hour 16 minutes ago Hong Kong lawmakers debate Lehman probeAP - 1 hour 29 minutes ago Spain: Iberia profits plummetAP - 1 hour 32 minutes ago EU backs proposed Alitalia takeoverAP - 1 hour 43 minutes ago Most Popular – Business Viewed Britney Spears's son hospitalized: statement Ancient 4,300-year-old pyramid discovered in Egypt US expands record bailout of insurance giant AIG Obama, Bush discuss world of challenges Swiss fear more pressure on bank secrecy after Obama victory View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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