GM Plans to Boost Exports from China
Jun 3rd 2013 6:50AM
General 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