GM Said It Will Expand Auto Production In China With Purchase Of Car Plant - General Motors
Shanghai GM’s share of China’s passenger car market has grown to about 8.6 percent in 2002 from 3 percent in 1999, placing it behind the two joint ventures of Germany’s Volkswagen AG. General Motors China will own 25 percent of the plant, and Shanghai Automotive Industry Corp. Group will own another 25 percent.
The Yantai plant is GM’s fourth manufacturing facility in China, the world’s fourth largest auto market behind the U.S., Japan and Germany.