General Motors – China and the local state-owned company created a joint venture

Division of the U.S. automobile giant General Motors in China and the Chinese government automakers FA Double You (FAW – First Automobile Works) have established a joint venture for production of light trucks and vans used for commercial purposes, officials said, quoted by BTA.
The company is worth 2 billion yuan (293 million dollars). General Motors stated that the initial joint venture, announced today, will use two existing plants and total capacity will exceed 100 000 vehicles.
China market is key to the growth of General Motors, which announced plans to expand its activities there despite the difficulties the U.S. market, notes AP.

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