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GM expands technology investments in China, sees 5 percent sales growth for market in 2011
SHANGHAI (AP) ' General Motors Co. says it is seeking to buy back a 1 percent stake sold to its main Chinese joint venture partner, as it expands its technology investments in a market where it is maneuvering to keep its edge.
GM has a contractual right to buy back the stake sold to partner Shanghai Automotive Industrial Corp. to raise cash during hard times and executives said Wednesday that the issue is under discussion.
The company opened an advanced technology center in Shanghai meant to help it design lighter, safer and more efficient cars for China, where it forecasts vehicle sales in China to grow by about 5 percent to about 19 million units this year, slowing sharply from recent years of double-digit growth.