GM Plans to Boost Exports from China

GM logoGeneral Motors Co. (NYSE: GM) will use its huge position in China's car manufacturing industry to press into emerging markets. GM is the largest U.S. car company in the People's Republic, as measured by market share.

According to Reuters:

General Motors Co, the biggest foreign automaker be sales in China, aims to boost its exports from the country by nearly 70 percent this year because of strong demand for its Chinese-developed low-cost cars, a local executive said.

The U.S. automaker plans to export as many as 130,000 China-made vehicles this year, up from 77,000 vehicles in 2012, driven by demand for its Chevrolet Sail in other emerging markets.

"While GM's primary philosophy is to manufacture where it sells, we find that product exports are necessary to meet global market demands when GM does not have local manufacturing capabilities for a particular vehicle," Bob Socia, the head of GM in China, told Reuters in an email.


Filed under: 24/7 Wall St. Wire, Autos, China, International Markets Tagged: GM
Read Full Story

Markets

DJIA 21,709.85 96.42 0.45%
NASDAQ 6,425.08 12.91 0.20%
S&P 500 2,479.58 2.45 0.10%
NIKKEI 225 20,050.16 94.96 0.48%
HANG SENG 26,941.02 88.97 0.33%
DAX 12,305.11 40.80 0.33%
USD (per EUR) 1.16 0.00 -0.13%
USD (per CHF) 0.96 0.01 0.58%
JPY (per USD) 112.17 0.17 0.15%
GBP (per USD) 1.30 0.00 0.15%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.