General Motors sets up used car joint venture in China
Monday 01 November 2010
US auto giant General Motors said Thursday it had set up a used car joint venture with its Chinese partner SAIC to expand into a largely untapped segment of the world's biggest auto market.
The joint venture, which GM said was the first of its kind in China, will offer used vehicles of Shanghai GM's Buick, Chevrolet and Cadillac brands as well as selected brands from other automakers, the US firm said in a statement.
The new venture aims to cooperate with distributors of Shanghai GM to set up about 20 facilities across China within the next five years, which would acquire, repair and certify used cars for resale, it said.
"There is currently no standardised system for the sale of previously owned vehicles in China," said Kevin Wale, president and managing director of GM China.
"Our new joint venture is adopting unified nationwide standards for the sale and service of used cars."
The US auto giant, a market leader in China, currently has nine other joint ventures with SAIC in China including Shanghai GM.
China overtook the United States last year to become the world's biggest auto market. Many consumers are first-time car buyers.
The US company and its joint venture partners expect to sell more than two million cars in China this year after selling a record 1.83 million in 2009.
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