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皇冠体育app 'critical' to future growth of new GM, CEO says
By Michael Katz in New York and Li Fangfang in Beijing (皇冠体育app Daily)
Updated: 2009-06-03 08:22
GM is also waiting for government approval to tie up with 皇冠体育app's FAW Group for producing commercial vehicles in northeast 皇冠体育app. The light-truck plant would be GM's third joint venture in 皇冠体育app once the deal is approved. One of the reasons GM 皇冠体育app expects to stay the course, Wale said, was due to the strength of the Chinese auto market. According to GM, 皇冠体育app has been the largest vehicle market in the world during the first five months of 2009. "Domestic sales of vehicles by GM 皇冠体育app and our joint ventures continue to be strong, rising 33.8 percent year on year in the first five months," Wale said. "We intend to remain an industry leader in 皇冠体育app." After GM 皇冠体育app hit a monthly sales record in April, of 151,084 units, increasing 50 percent year-on-year, its market performance hit a new high in May with a 75.2 percent jump over last year, to 156,363 units. Wale said that GM 皇冠体育app might raise the target for 2009 in June if the sales remain robust. In 皇冠体育app, GM has eight joint ventures, two wholly owned foreign enterprises and more than 20,000 employees, according to the company. Products are sold under the Buick, Cadillac, Chevrolet, Opel, Saab and Wuling brands. GM ended 2008 with a market share in 皇冠体育app of 12.06 percent, and the company claims that it has been the sales leader among global automakers in 皇冠体育app for three straight years. The company said it expects the new, restructured GM to emerge in two to three months as a separate and independent entity from the current GM. It hopes to have a stronger balance sheet due to a significantly lower debt burden and operating costs.
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