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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.
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