General Motors to Continue Investing Aggressively in China for Long-Term Success of Company

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Feb 15, 2011, 08:11 ET

BEIJING, Feb. 15, 2011 /PRNewswire/ -- "As our largest market, China played a significant role in GM's success in 2010. We will continue investing aggressively in China to ensure the long-term success of our company." General Motors Co. Chairman and CEO Dan Akerson made these remarks during a media briefing today in Beijing. He also commented on the growth of the company's business and the importance of China to the automaker.

According to Akerson, "GM's success in China is the result of our strategic approach to doing business in this country. The foundation is great product, a consistent focus on understanding and meeting the needs of local consumers, fantastic partnerships, and a dedication to bringing the latest industry technology to China."

This approach, said Akerson, has enabled GM to remain the sales leader among global automakers in China for the past six years. In 2010, GM and its joint ventures sold a record 2.35 million vehicles in the domestic market.

"GM will continue to make China one of our priorities," said Akerson. "We plan to introduce more than 20 new and upgraded models over the next two years, strengthen our local product development capability, expand our cooperation and sharing of technology with local partners, and lead in the introduction of new energy vehicles including the Chevrolet Volt extended-range electric vehicle. All of this is part of GM's long-term commitment to the sustainable development of China's automotive industry."

Akerson reinforced the importance of GM's local relationships. "We regard our 11 domestic joint ventures as 11 keys to our success in China," he said. "To remain a global industry leader, GM must remain an industry leader in China."

About General Motors – General Motors Company (NYSE: GM, TSX: GMM), one of the world's largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 209,000 people in every major region of the world and does business in more than 120 countries. GM and its strategic partners produce cars and trucks in 31 countries, and sell and service these vehicles through the following brands: Baojun, Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Isuzu, Jiefang, Opel, Vauxhall, and Wuling. GM's largest national market is China, followed by the United States, Brazil, the United Kingdom, Germany, Canada, Italy, Russia, Mexico, and Uzbekistan. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors acquired operations from General Motors Corporation on July 10, 2009, and references to prior periods in this and other press materials refer to operations of the old General Motors Corporation. More information on the new General Motors can be found at www.gm.com.