Chinese to gain control of GM

N

newguy05

only a matter of time....

The all new chevy volt - an american revolution!....Made in china.

The announcement was brief, cryptic and buried in the excitement over the multitude of concepts and new vehicles GM has just announced it will debut at the Shanghai auto show in a few weeks. The press release reads simply:

“Shanghai Automotive Industry Corporation (SAIC) and General Motors (NYSE: GM) are announcing today that an agreement has been reached with the governments of the United States and Canada that will allow SAIC to purchase the shares of GM owned by the respective governments. The sale is expected to be completed by this time next year pending approval from U.S., Canadian and Chinese government regulators.”


.....

Should the respective governments sign off on this deal, SAIC will take a 36-percent stake in GM (SAIC already bought a one-percent stake in GM during the company’s IPO), a controlling interest. In effect, GM will be owned and under the control of SAIC, which will make combined company far and away the world’s largest automaker by volume. It goes deeper than that, though. SAIC is owned and controlled by the Chinese Government. If this deal goes through, GM will essentially be sold to the government of China. How could our government let this happen? As is so often the case, it’s all about the money.

http://blogs.motortrend.com/inside-deal-sell-gm-chinas-saic-13985.html
More...
 
Quote from newguy05:

only a matter of time....

The all new chevy volt - an american revolution!....Made in china.
More...

I am surprised they are purchasing, China rivals Russia for piracy. Anyone spending 40k on the POS deserves it.
 
Any taxpayer who contributed the $Billions for GM to be bailed out so that the Chinese could have the company deserves it, too.

Wait... that's most of US!

:mad:
 
This news is for real and not a fake one. I read from USA Today reports that GM Vice Chairman, Steve Girsky, stated that GM and Chinese auto company, SAIC, will develop a new electric vehicle that would draw upon the Chevy Volt's technology. Girsky also hinted that future Chevy Volts will be built in China in order to qualify for Chinese subsidies of about $19,000 per car. Girsky claims that neither China nor SAIC are demanding that GM share Volt technology. Whether they are demanding it or not, it is obvious that they will get it.


Meanwhile, another news is swirling on web that GM tells dealers to sell Chevy Volt demo cars, Chevy Volt demo cars to go on sale to meet demand. Chevrolet is looking to get more customers into its plug-in hybrid, the Chevy Volt, and has approved retailers to sell the demo automobile Volts if need be. Sales have not been horrible, but far short of where Chevrolet wants them to be. One grievance among consumers has been that they could not get the Volt with the options they want.
 
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