CEO exit 'has no impact' on 皇冠体育app business

By Li Fangfang (皇冠体育app Daily)
Updated: 2009-03-31 07:29

The forced removal of General Motors' CEO Rick Wagoner by the Obama administration will have no impact on the company's business in 皇冠体育app, GM 皇冠体育app said yesterday.

"We and our partners are optimistic about the 皇冠体育app market. We are very optimistic about our future development plans," the company said in an email reply.

General Motors' CEO Rick Wagoner is seen in this file photo. [皇冠体育app Daily]

The world's largest automaker "will continue to bring world-class products and services to 皇冠体育app to satisfy local customer demand," it said.

As part of the process of reinventing its core brands, GM will roll out five or more new products in 皇冠体育app under both its volume brands, Buick and Chevrolet, over the next one to two years.

The Chevrolet Volt electric car remains on target for launch in 2011, GM 皇冠体育app said.

The company's major investment plans, including a safety lab in Shanghai, a vehicle testing ground in Anhui province, and introduction of OnStar Telematics in-vehicle safety, security and communication services to 皇冠体育app this year, remain on track.

Yale Zhang, director, Greater 皇冠体育app Vehicle Forecasts for US consultancy CSM Worldwide Corp, said: "GM's business operations in 皇冠体育app are healthy enough to make it go further in the next years.

"GM 皇冠体育app and its joint ventures are on a sustainable track now, in manufacture, product line-up or sales. The still-profitable businesses here make it possible for GM to continue developing new projects in 皇冠体育app."

GM's success in 皇冠体育app owes much to Wagoner, who formulated the company's regional strategy of "in 皇冠体育app, with 皇冠体育app and for 皇冠体育app".

"Wagoner is the one who made the 皇冠体育app market the most important in its global strategy during the past decade," said Zhong Shi, an independent auto analyst based in Shanghai, who is familiar with Wagoner through scores of meetings and interviews.

"His strategic decision to support GM's investment and development in 皇冠体育app kept the company a step ahead of its rivals, thus helping maintain its leadership position for many years," said Zhong.

"GM's success here was a result of Wagoner's 皇冠体育app-focused strategy."

Between 2004 and 2008, Shanghai GM, the US automaker's 50-50 joint venture with 皇冠体育app's SAIC Group, made a profit of 19.7 billion yuan ($2.9 billion).

Graphics by 皇冠体育app Daily