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GM targets China and Brazil
16 July 2009
General Motors is planning a major expansion into emerging markets like China and Brazil following its emergence from bankruptcy protection.
Over $1bn (£610m) will go into developing two new car models for the South American country, potentially creating 1000 jobs.
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China is also expected to get its own inexpensive model that will arrive before 2011.
This will be backed up to six other GM models, with Buick and Chevrolet badges, being launched in China within the next two years.
GM has seen record sales in Brazil and the car maker sees it as a key market for expansion.
Half of the investment is said to be coming from GM and the other half from loans and state-run banks.
Last week GM was reborn as a new company after it ended its 39-day stay in bankruptcy protection.
The company’s chief Fritz Henderson described the announcement as a “new beginning” for the troubled car maker.
Under the terms of the sale, GM will now be 60.8 per cent owned by the US treasury.
The new GM will be focused around its four key brands – GMC, Buick, Cadillac and Chevrolet – while other unwanted assets will be left behind in bankruptcy court to be sold off or liquidated.
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