General Motors, SAIC Motor Formed New 50-50 JV
BEIJING (Dow Jones)--General Motors Co. and SAIC Motor Corp. (600104.SH) said Friday they have set up a 50-50 joint venture in Hong Kong to support expansion into emerging markets, starting with India.
In addition, GM is transferring 1% of its stake in Shanghai General Motors Corp., its flagship passenger vehicle-making joint venture in China, to its partner SAIC Motor, the companies said in a statement. The joint venture was previously split 50-50.
This will assist SAIC Motor in consolidating Shanghai GM revenue into SAIC, the statement said.
GM and SAIC Motor plan to establish a joint venture in India by the first quarter of 2010, to make small cars from Shanghai GM and mini-commercial vehicles from SAIC-GM Wuling Automobile Co.
-By Patricia Jiayi Ho, Dow Jones Newswires; (8610) 8400 7702; patricia.ho@dowjones.com
Source: General Motors, SAIC Motor Formed New 50-50 JV
In addition, GM is transferring 1% of its stake in Shanghai General Motors Corp., its flagship passenger vehicle-making joint venture in China, to its partner SAIC Motor, the companies said in a statement. The joint venture was previously split 50-50.
This will assist SAIC Motor in consolidating Shanghai GM revenue into SAIC, the statement said.
GM and SAIC Motor plan to establish a joint venture in India by the first quarter of 2010, to make small cars from Shanghai GM and mini-commercial vehicles from SAIC-GM Wuling Automobile Co.
-By Patricia Jiayi Ho, Dow Jones Newswires; (8610) 8400 7702; patricia.ho@dowjones.com
Source: General Motors, SAIC Motor Formed New 50-50 JV
