GM inks $100m investment deal in Pudong
The largest automaker in the US, General Motors (GM), announced on June 30 that it had signed a new deal with Shanghai's Pudong New Area and would add an intended investment of $100 million to grow its new premium import business.
"We started our business here about 30 years ago, and today, Pudong is still the best choice for us to create a brand new business," said Julian Blissett, president of GM China.
"The latest agreement demonstrates GM's long-term confidence in the Chinese market, and will address evolving demand in the niche market and complement GM's locally produced model and brand lineup," Blissett added.
The new premium import business that is tailored for China will present a collection of iconic GM products, ranging from full-size SUVs and pickup trucks to performance cars, which are powered by both gas and electricity.
Pudong is the place where GM started its business in China. Twenty-five years ago, GM established its first joint venture in Pudong - SAIC-GM and Pan Asia Automotive Technology Center. Over the years, GM has planted roots in Pudong, and continued to expand its business in the Chinese market. It has not only established a complete industrial chain in the fields of manufacturing, design, engineering, and research and development, but also built overall industrial and supply chains covering auto finance, and post-market and financial leasing.
Last year, the carmaker expanded the GM China Advanced Design Center in Pudong and reached an agreement with Chinese startup Momenta for a $300 million investment deal to develop autonomous driving technology. In October 2021, GM launched China's first Ultium Center in Pudong to assemble battery packs for GM's growing number of new energy vehicles for the domestic market, which has laid a solid foundation for the comprehensive electrification development of the carmaker.
GM, the largest carmaker in the United States, continues to expand its business in the Chinese market. [Photo/WeChat account: pdnews]