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January 24, 2011

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GM Signs $900 Million Agreement to Export Vehicles and Components to China

Cadillac Escalade

Shanghai – General Motors and its Shanghai General Motors joint venture today signed a two-year agreement worth $900 million to export Cadillac, Buick and Chevrolet vehicles and components to China.

The agreement is part of a series of trade and investment agreements between China and the United States signed in Chicago during the official visit of Chinese President Hu Jintao to the U.S. GM China Group Vice President David Chen signed the agreement on behalf of General Motors. The vehicle exports are valued at $500 million and the component exports are valued at $400 million.

"GM fully supports a mutually beneficial, open and productive trade environment, which can bring a win-win outcome to all parties involved,” said Kevin Wale, President and Managing Director of the GM China Group. “We are committed to working with both countries to promote bilateral trade.”

Shanghai GM is China’s leading passenger car manufacturer. Last year, it sold 1,033,307 vehicles to local consumers. It offers a growing range of products under the Buick, Chevrolet and Cadillac brands.

Photo: GM

(Jan. 22, 2011)


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