GM, SAIC open new car plant in China despite "tough times"
SHENYANG, Dec. 17 (Xinhua) -- General Motors and its China partner Shanghai Automative Industry Corporation (SAIC) launched a car plant on Wednesday in northeast China, making it one of the three production bases of Chevrolet Cruze cars in the world.
As the second joint venture by GM and SAIC in Shenyang, the capital of northeast China's Liaoning Province, the new plant involves a total investment of 2.67 billion yuan (about 390.6 million U.S. dollars), and will churn out 150,000 units per year. It will begin full production of Chevrolet Cruze compacts in the second quarter of 2009.
GM and Chrysler LLC are seeking 14 billion U.S. dollars in emergency aid from the U.S. government to keep operating through the first quarter. However, Kevin Wale, president and managing director of GM China, expressed his confidence in GM's future development in China. "GM will not slow down its development in China despite the tough times", Wale said.