SHANGHAI – General Motors and its Chinese joint venture Shanghai-GM signed a two-year agreement on January 22, 2011 to export Cadillac, Buick and Chevrolet vehicles and components worth $900 million to China, according to a company press release.
GM China Group vice president David Chen signed the agreement on behalf of General Motors. The vehicle exports are valued at $500 million and the component exports are valued at $400 million.
“GM fully supports a mutually beneficial, open and productive trade environment, which can bring a win-win outcome to all parties involved,” said Kevin Wale, president and managing director of the GM China Group. “We are committed to working with both countries to promote bilateral trade.”
China stayed the world’s largest automaker by sales last year. Passenger car sales rose 33.17 percent to 13.76 million units, while total vehicle sales reached 18.06 million in 2010, a jump of 32.37 percent compared with a year ago, according to China Association of Automobile Manufacturers (CAAM).
Shanghai-GM sold 1,012,100 passenger cars in China in 2010, a yearly increase of 42.84 percent, said CAAM .
General Motors has been the sales leader among global automakers in China for six consecutive years. In 2010, domestic sales of vehicles by GM and its joint ventures jumped 28.8 percent on an annual basis to 2,351,610 units, according to the press release.