GM opens eighth Chinese plant
02-20-2009, 06:50 AM
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GM opens eighth Chinese plant
General Motors announced the opening of its eighth Chinese joint-venture plant, a two-shift facility in the northeastern China city of Shenyang that will produce the Chevrolet Cruze for Asian markets. The automaker, which is struggling to stay afloat, says it has no plans to add further capacity to its worldwide production facilities.
The $390 million Shenyang plant will be capable of building up to 150,000 vehicles. Kevin Wale, GM China’s president, told Bloomberg that he is confident with the long-term capacity for the plant, despite the recent global downturn in the markets.
“GM is building capacity for the long term and we are very comfortable with what we are doing,” Wale said.
GM plans to sell up to 1.2 million vehicles in China next year. The new Shenyang plant, like all formed by foreign investors, is a joint-venture with a local company - Shanghai Automotive Industry Corporation, or SAIC, in this case.
The new plant will be fully operational by the second quarter of 2009, GM says.
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The $390 million Shenyang plant will be capable of building up to 150,000 vehicles. Kevin Wale, GM China’s president, told Bloomberg that he is confident with the long-term capacity for the plant, despite the recent global downturn in the markets.
“GM is building capacity for the long term and we are very comfortable with what we are doing,” Wale said.
GM plans to sell up to 1.2 million vehicles in China next year. The new Shenyang plant, like all formed by foreign investors, is a joint-venture with a local company - Shanghai Automotive Industry Corporation, or SAIC, in this case.
The new plant will be fully operational by the second quarter of 2009, GM says.
More...
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