GM to ship $900M worth of vehicles, parts to China
General Motors Co. has signed a $900 million contract with its joint-venture company, Shanghai General Motors, to export Cadillac, Buick and Chevrolet vehicles and components to China.
The contract includes $500 million worth of vehicles and $400 million worth of components, GM China said in a statement.
The deal is part of a series of trade and investment agreements signed by China and the United States during Chinese President Hu Jintao's visit to the U.S. last week.
Shanghai General Motors is a 51-49 joint venture between Shanghai Automotive Industry Corp. and General Motors. In 2010, Shanghai GM sold 1.0 million Buicks, Chevrolets and Cadillacs in China.