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GM Generali

23.25
-0.23 (-0.98%)
09:49:30 - Realtime Data
Share Name Share Symbol Market Type
Generali AQEU:GM Aquis Europe Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.23 -0.98% 23.25 23.26 23.27 23.32 23.07 23.31 73,279 09:49:30

UPDATE:GM:China Businesses Unaffected By US Bankruptcy Filing

01/06/2009 5:42pm

Dow Jones News


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General Motors Corp.'s (GM) China operations won't be affected by its bankruptcy filing in the U.S., the automaker said in a statement Monday.

"Our operations across China will operate normally," said Kevin Wale, president and managing director of the GM China Group, in a statement.

"Our customers will continue to receive top-notch service and warranty coverage, while our dealers will continue to receive product and aftersales parts as usual. There will be no impact on payments to employees, dealers or suppliers contracted to GM China or to our joint ventures."

GM's sales in China in the January-May period rose 33.8% on year, the statement said, without giving unit sales figures. Industry-wide sales in China in the first five months rose 18.8% on year, GM said in the statement.

GM operates two vehicle-making joint ventures in China with SAIC Motor Corp. (600104.SH) and Wuling Automobile Co. Sales in China have been a bright spot for the U.S. automaker, while sales in its home country have plummeted amid the financial crisis.

GM's Asia-Pacific president, Nick Reilly, said in April that the company's operations in the region are "self-sufficient," and don't need any of the government loan money the parent is receiving in the U.S.

GM and China FAW Group Corp. said in February they are exploring a potential partnership, and people familiar with the situation told the Wall Street Journal in November that the U.S. automaker hoped to boost its 34% stake in SAIC-GM-Wuling Automobile Co.

SAIC Motor Corp. said separately Monday it doesn't expect GM's bankruptcy filing in the U.S. to have a substantive impact on the companies' vehicle-making joint ventures in China.

GM's equity, assets, brands and technology in China will be included in the "New GM" when the U.S. automaker exits from bankruptcy protection, said SAIC, China's largest automaker by sales.

"SAIC has the confidence and the strength to unwaveringly support the joint ventures' healthy and stable development," the company said in a statement.

-By Patricia Jiayi Ho, Dow Jones Newswires; (8610)6588-5848; patricia.ho@dowjones.com

 
 

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