GM to Export Thousands of Cadillacs, Other Vehicles to China
Export Vehicles Valued at Estimated $1.3 Billion, Planned for 2004-05
DETROIT, Nov. 12 /PRNewswire/ -- General Motors plans to export to China thousands of Cadillacs, Buicks and other GM vehicles, valued at about $1.3 billion, in 2004 and 2005. The exports will be in the form of both complete vehicles and kits for assembly.
Chinese Vice Minister of Commerce, Ma Xiuhong, joined Chairman and CEO Rick Wagoner and other GM executives in Detroit today to announce the agreement, which makes GM China the first China-based subsidiary of a non-domestic automotive company to sign a vehicle import contract.
The 4,500 complete vehicles that GM plans to export through its subsidiary, GM China, include the Cadillac CTS sedan, SRX luxury utility vehicle, XLR roadster and next-generation STS prestige sedan. With this agreement, the Chinese government has authorized the granting of trading and distribution rights one year earlier than required under its World Trade Organization obligations.
stockworld.de |
