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08-30-2009, 08:45 PM #1
GM & FAW set up commercial truck joint venture in China
http://www.bloomberg.com/apps/news?pid= ... qtR6u77D20
GM, China FAW Set Up Commercial-Vehicle Joint Venture (Update2)
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By Bloomberg News
Aug. 30 (Bloomberg) -- General Motors Co., China’s largest overseas automaker, formed a 50-50 joint venture with China FAW Group Corp. to make light trucks and vans in the country as it aims to offset plunging U.S. vehicle demand.
The venture between Detroit-based GM and FAW has a total investment of 2 billion yuan ($293 million), GM said in a statement today. The companies signed a memorandum of understanding in November 2007 and received Chinese government approval in July, GM said.
The partnership with FAW, called FAW-GM Light Duty Commercial Vehicle Co., will be GM’s third joint venture with a local automaker. General Motors is betting on China, its second-biggest market, for growth as demand for its vehicles tumbled 38 percent in the U.S. this year through July, compared with a 43 percent sales increase in China.
“The competition in this segment is fierce, it’s not going to be easy to make this venture successful,â€I support enforcement and see its lack as bad for the 3rd World as well. Remittances are now mostly spent on consumption not production assets. Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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08-30-2009, 08:51 PM #2
This is interesting because FAW is also separately setting up a factory in Mexico with the Salinas Group a Mexican appliance chain which briefly owned Circuit City.
I support enforcement and see its lack as bad for the 3rd World as well. Remittances are now mostly spent on consumption not production assets. Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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08-30-2009, 10:47 PM #3
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I am so glad our bailout dollars are propping up GM! &#%*### Spit! Barf and other impolite things!
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