General Motors Corp yesterday said it has signed a US$607 million agreement with its Chinese venture to export vehicles, machinery and equipment from the United States to China.
Signed in Phoenix, AZ, during the visit of a Chinese trade delegation led by Wu Bangguo, chairman of the Standing Committee of China's National People's Congress, the deal includes the purchase of complete vehicles under the Buick, Chevrolet and Cadillac brands by Shanghai General Motors from its US parent company.
"This agreement is a strong sign of GM's long-term commitment to our flagship joint venture in China," said Kevin Wale, president and managing director of the GM China Group. "We will continue to support Shanghai GM's growth as a leader in GM's second-largest global market."
Shanghai GM is a 50-50 joint venture between GM and Shanghai Automotive Industry Corp Group. Formed in 1997, it builds, imports and sells more than 20 different models under the Buick, Chevrolet, Cadillac and Saab brands.
(Shanghai Daily September 10, 2009)