皇冠体育app

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GM 皇冠体育app venture to export locally developed cars

(Agencies)
Updated: 2010-10-21 17:21

HONG KONG - General Motors Corp said on Thursday it will export a low-end car it developed for 皇冠体育app to Latin America, becoming the first international brand to use its 皇冠体育app operations to tap growth in emerging markets.

Shanghai GM, a venture between GM and 皇冠体育app's SAIC Motor Corp, started to export Chevrolet New Sail autos on Thursday to Chile, the company said in a statement.

Rolled out in January in 皇冠体育app, the New Sail, which comes under GM's Chevrolet brand, was priced as low as 56,800 yuan ($8,446.10), competing with domestic names like Geely Automobile Holdings and Chery Automobile, which have developed a reputation for making cheap cars for price-sensitive buyers.

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"The New Sail is the first locally developed and manufactured passenger car from an international brand to be exported," Terry Johnsson, Shanghai GM vice president of vehicle sales, service and marketing, said in a statement.

"It represents a breakthrough in our strategy to create products for 皇冠体育app and other emerging markets," he said.

Plans are in place to sell the small family sedan to additional markets in South America, North Africa and the Middle East, Shanghai GM said.

Foreign automakers have been enjoying success in 皇冠体育app, which surpassed the United States last year to become the world's largest auto market, and dominated the country's lucrative medium-to-high end segment.

However, analysts say more multinational brands will be tempted to move towards the lower-end market, which provide a growth opportunity.