GM to form China venture, invest $293 million

By doris | Published: August 31, 2009

Full Story at msnbc.com

SHANGHAI – 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 $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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