CHINA> National
|
CEO exit 'has no impact' on China business
By Li Fangfang (China Daily)
Updated: 2009-03-31 07:29
"We and our partners are optimistic about the China market. We are very optimistic about our future development plans," the company said in an email reply.
The Chevrolet Volt electric car remains on target for launch in 2011, GM China said. The company's major investment plans, including a safety lab in Shanghai, a vehicle testing ground in Anhui province, and introduction of OnStar Telematics in-vehicle safety, security and communication services to China this year, remain on track.
GM's success in China owes much to Wagoner, who formulated the company's regional strategy of "in China, with China and for China". "Wagoner is the one who made the China market the most important in its global strategy during the past decade," said Zhong Shi, an independent auto analyst based in Shanghai, who is familiar with Wagoner through scores of meetings and interviews. "His strategic decision to support GM's investment and development in China kept the company a step ahead of its rivals, thus helping maintain its leadership position for many years," said Zhong. "GM's success here was a result of Wagoner's China-focused strategy." Between 2004 and 2008, Shanghai GM, the US automaker's 50-50 joint venture with China's SAIC Group, made a profit of 19.7 billion yuan ($2.9 billion).
|