Monday, August 31, 2009

Hey! What're you doing?

Are we glad yet that we bailed out GM?

Let's wait and see if we get paid back.

GM to form China venture, invest $293 million

By Fang Yan and Edmund Klamann

SHANGHAI (Reuters) - General Motors said on Sunday it has agreed to set up a light commercial vehicle production venture with major Chinese automaker FAW Group, with total investment of 2 billion yuan ($293 million).

The 50-50 joint venture, based in the northeast China city of Changchun in Jilin province, will make light-duty trucks and vans, GM said in a statement.

"For us in China, this is an important complement to the rest of our portfolio," Kevin Wale, president and managing director for GM's China operations, told reporters in a conference call.

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