In a world of deceit, GM builds a 1/2 Billion Dollar plant as it crys the blues...
GM Opens Eighth China Plant, Won't Add Further Capacity Soon
By Tian Ying
Dec. 17 (Bloomberg) -- General Motors Corp. opened its eighth vehicle plant in China and said it had no plans for adding further capacity amid slowing demand in Asia's biggest auto market.
This ``has been a big year in terms of expansion'' and it ``probably will keep us occupied for the foreseeable future,'' Kevin Wale, GM China's president, said by phone today. He spoke from the northeastern city of Shenyang after the opening of the carmaker's new 2.67 billion yuan ($390 million) plant.
GM expects to boost China sales about 9 percent next year as it adds new models and an economic stimulus plan helps revive overall demand. Auto sales in China have declined in three of the past four months because of the global economic slowdown.
``That is a short-term downturn,'' Wale said. We are ``building capacity for the long term and we are very comfortable with what we are doing.''
GM, the biggest overseas automaker in China, is counting on emerging markets and U.S. aid to help it survive a plunge in North American sales. The Detroit-based automaker expects to sell as many as 1.2 million vehicles in China next year, Wale said on Dec. 5.
GM Opens Eighth China Plant?? WTF