U.S. General Motors and FAW Group to Establish Commercial Vehicle Joint Venture Company
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General Motors and FAW's correspondent respectively confirmed to the newspaper that the two parties have signed a basic agreement on the establishment of a joint venture company for commercial vehicles. Details of the joint venture will be announced jointly within two days. If the eventual event, will be the second joint venture since the financial crisis, following the joint venture between Foton Motor (6.69, -0.20, -2.90%) and Daimler.
A GM contact person said yesterday that the signing of a basic agreement with FAW about a joint venture company for commercial vehicles means that there is still a certain distance from the formal establishment of the joint venture company, and GM will announce the details within two days. FAW Group’s contact plateau also said to the newspaper that the establishment of a joint venture vehicle company will be announced together with GM.
Before that, GM had a joint venture relationship with Shanghai Automotive (7.17, 0.07, 0.99%). The two sides established Shanghai GM, a joint venture, and Shanghai GM Wuling Automobile, which holds 34% of the shares.
Although China’s auto sales grew by only 6.7% last year, compared to China’s “warm winterâ€, the US auto industry is falling into the worst recession in 17 years, and its business has become the focus and highlight of its global market.