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GM to sign China contract
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March 10, 1997: 9:38 a.m. ET
Automaker to sign $1 billion deal to produce mid-sized cars in Shanghai
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NEW YORK (CNNfn) - General Motors Corp. is expected to sign a $1 billion contract with a Chinese corporation to produce mid-sized automobiles.
The State Council of China has approved the joint venture, which now will be reviewed by the trade ministry, the China Daily Business Weekly reported Monday.
GM, along with the Shanghai Automotive Industry Corp., are planning produce 100,000 vehicles annually in Shanghai.
Forty percent of the parts used to make the cars will be produced in China.
The move is part of General Motors' ongoing plan to gain a greater share of automaking overseas. Late last year the company announced plans to begin manufacturing vehicles in Russia.
GM shares closed up 1/2 to 56-5/8 in Friday trading on the New York Stock Exchange.
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General Motors
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