Despite receiving the US Government’s $13.4 billion rescue “red envelopes†before Christmas last year, GM’s revenues are still being rumors that shares of joint venture companies in China will be sold to raise funds. However, GM China yesterday issued an official statement denying its intention to sell the shares of the Chinese joint venture company. It is reported that General Motors holds 50% shares in Shanghai General Motors Co., Ltd. and 34% in SAIC-GM-Wuling Automobile Co., Ltd.
Will not change existing China projects
Some media reports said that General Motors or sell Shanghai Tong
Use stocks to raise funds to solve difficulties. The news also stated that General Motors had already discussed with SAIC and discussed the sale of GM’s shares or other assets in the SAIC General Motors joint venture to raise funds.
For the rumors, General Motors China announced yesterday that the content of the report “GM will sell its shares in Shanghai General Motors Co., Ltd. to SAIC Motor Group†was inaccurate and inconsistent with the facts. In an interview with Xin Express, a reporter from General China Press, Zhang Wei said that GM did not plan to sell Chinese assets, nor would it suspend or change existing Chinese projects.
General Motors said that although it is actively seeking measures to reduce costs, including layoffs, reductions in pay, etc., it seeks financial support and cooperation in all aspects, and will make a series of adjustments to its eight brands, including sales and reduction in production scale. It even stopped production, but at present it will not plan to sell Shanghai GM shares.
Entering Commercial Vehicles with FAW
However, the global dilemma of General Motors is obvious to all. On the 11th, General Motors announced on the official website that it plans to cut 10,000 jobs in the world in 2009, accounting for 14% of the current total number of global employees. General Motors China currently does not plan to lay off staff.
GM currently produces and sells Buick, Chevrolet, and Cadillac models in China. The joint venture includes Pan Asia Automotive Design, Shanghai General Motors Finance, and Universal OnStar navigation in addition to Shanghai GM and SAIC-GM-Wuling passenger vehicles. Service companies and other joint ventures.
A few days ago, General Motors announced that FAW would establish FAW-GM Light Commercial Vehicle Co., Ltd., and that GM would have a second partner in China. Last year, GM sold more than one million cars in China for two consecutive years, which was a year-on-year increase of 6%. Despite being as high as 19% growth in 2007, the Chinese market has become the decisive factor for GM's troubled GM. The main battlefield.
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