Friday, December 04, 2009
GM plans new small car for India
US car giant General Motors plans to form a new venture with its Chinese partner, SAIC, to focus on the small car market in India.
It aims to produce the vehicles within India itself, making SAIC the first major Chinese company to so do.
GM has said it wants to use India as a small car production base for export.
At the same time, GM announced it would turn over 1% of its biggest Chinese joint venture to SAIC - which would give the Chinese majority ownership.
In a statement, SAIC chairman Hu Maoyuan said: "SAIC and GM are in a strong position to introduce [vehicles] that will satisfy the needs of consumers in India and other high-potential global markets."
DATED: 04.12.09
FEED: AW
