That same year GM’s global exports of Chinese cars exceeded 100,000 units, and when asked if Chinese-made cars might some day be sold in the US, GM China president that will underpin all of GM’s small cars sold outside Europe and the US.
When US taxpayers footed a $50 billion bill for the bailout of General Motors in 2009, few could have guessed that the biggest of the Detroit “Big Three” (GM, Chrysler, Ford) would go on to import Chinese cars to the United States.
Yet just seven years after its publicly-funded and highly-politicized rescue, GM says it .
Within just three years of the golden share deal, SAIC appeared to be pulling ahead of GM technologically.
But success in China required more than the latest technology and GM also shifted its low-cost, developing-market focus from Korea to Shanghai.
That December, the first details emerged: GM had sold 1% of Shanghai GM to SAIC, giving the Chinese partner a controlling stake in the venture.
It also turned its struggling GM India division into a joint venture, with SAIC receiving a 50% stake in return for an additional investment of 0 million.
With GM headed towards bankruptcy, its US government rescuers unwilling to pay for overseas problems, credit markets largely frozen by the financial crisis and the Korean Development Bank refusing to extend loans beyond the billion already owed to it by GMDAT, GM’s only option was to turn to its Chinese partner for liquidity.
By mid-November 2009, GM suddenly had 1 million to spend on GMDAT’s turnaround, but it wasn’t immediately clear where the money had come from.
Nearly With SAIC enjoying the upper hand in China and jointly running GM’s business in India, another shift took place in the relationship: GM began rebadging its partner’s Chinese-branded vehicles for export markets.
Exports of Chevrolet-branded Wuling vans began as early as 2008 and an export model—was rebadged for export to a variety of developing markets as the Chevrolet Optra.
it would jointly develop its next generation of global small gas engines and first-ever dual-clutch transmission with SAIC at the R&D facility the two firms had established in Shanghai.