General Motors said Wednesday it expects to ship more than 700 million dollars' worth of Cadillacs and other material to the booming Chinese market in the next couple of years.
Ken Cole, GM vice president of global public policy and government relations, said good economic and trade relations between the United States and China are important for the leading US auto maker.
“GM's business relationship with China is a true partnership that creates value for all parties including the state of Michigan, the United States, and China,” said Cole during a ceremony marking the signing of a new contract between GM and its principal Chinese partner, SAIC Group.
“Today's contract signing is an important example of how this relationship is promoting exports from the US, especially from Michigan.”
The contract signing was witnessed by Ma Xiuhung, the vice minister of China's Ministry of Commerce, who is heading an official delegation promoting the purchase of American-made material by various Chinese companies.
The Chrysler Group also signed a contract to sell equipment to Chinese companies, according to DaimlerChrysler spokesman David Elshoff. Chrysler did not disclose the size of its contract.
The agreement between General Motors Corp. and its Chinese joint venture with SAIC, Shanghai General Motors, includes the export of US-manufactured Cadillacs made in Lansing, Michigan, and automotive components valued at 700 million dollars.
GM's China operations have imported about 3.5 billion dollars' worth of vehicles, components, equipment and machinery from North America over the past decade, he added.
Cole added GM's vehicle sales in China will approach the one million annual level this year.
In addition, GM and its Chinese partner, SAIC, will celebrate the 10th anniversary of Shanghai General Motors and Shanghai-based Pan Asia Technical Automotive Center joint venture.
GM's operations in China now include vehicle manufacturing, sales, after sales, automotive engineering and design, and automotive financing, Cole said.
GM said its various joint ventures in China now sell different vehicles — ranging from mini-cars and minivans to luxury sedans — to Chinese customers, with tremendous market success.
The GM China Group also has been profitable every year since 2001.
