GM Signs LoI to Set Up Premium Import Business in Shanghai
2022-06-30
SHANGHAI – General Motors and Shanghai’s Pudong New Area government today announced the signing of a Letter of Intent (LoI) for the automaker’s intended investment of $100 million in the GM Premium Import business.
“Our latest agreement demonstrates GM’s long-term confidence in Pudong, Shanghai and the Chinese market,” said Julian Blissett, GM executive vice president and president of GM China. “It will enable us to capitalize on emerging opportunities to delight consumers with a greater array of products and services.”
GM’s cooperation with Pudong dates back about 25 years with the establishment of the SAIC-GM and PATAC joint ventures. The company has built a full-fledged capability in manufacturing, design, engineering and R&D in China, and introduced five distinct brands and a wide spectrum of products across all major market segments.
The new Premium Import business, tailored for China, will present a curated collection of iconic GM products through an innovative platform-based business model. The portfolio will range from full-size SUVs and pickup trucks to performance cars. It will address evolving demand in the niche market, complementing GM’s locally produced model and brand lineup.
“We are extremely excited about the personalized products and experiences we will offer to our customers in China,” said Felix Weller, vice president of GM Premium Import. “We will also bring in top talent to make our new business a success.”
The new investment follows last year’s expansion of the GM China Advanced Design Center in Pudong, a $300 million investment in Chinese startup Momenta, and the launch of China’s first Ultium Center in Pudong to assemble battery packs for GM’s growing number of new energy vehicles for the domestic market.
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.
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