Chinese Automaker Says It Wants A Piece Of GM

China's top automaker SAIC Motor Corp's does not rule out the possibility of participating in General Motors' initial public offering, its chairman said on Friday.

Sources told Reuters in September that SAIC Motor Corp reached out to General Motors to explore the prospect of taking a stake in the U.S. automaker.]

The contact between state-backed SAIC -- which has a 13-year relationship with GM -- and GM has been informal and SAIC has expressed an interest in acquiring a "single digit" share in GM, sources said.

2011 BMW X3 Gallery

2011 Hyundai Sonata Turbo and Hybrid Photo Gallery

2010 Paris Motor Show Photo Gallery

Saab Factory Photo Gallery

2011 Toyota Highlander Photo Gallery

AutoSpies.com Photo Galleries

If you want to see your photos running on our homepage photo ticker, be sure to upload your photos on the go by sending them to Mobile@AutoSpies.com

Share on Facebook

Read Article

freeagent - 10/15/2010 2:22:04 PM

+2 Boost

they're thinking of GM as a distruibution arm for boatloads of cars heading east across the pacific

Agent009 - 10/15/2010 3:23:18 PM

+3 Boost

It really makes me wonder just how many years the Chinese have gained by the sell off of the industry.

Agent63 - 10/15/2010 5:07:27 PM

+3 Boost

I think it's a matter of wanting market share as well as facilities and blessings from GM that will help China's investors accelerate their businesses in auto industry. It's not a means to steal designs or materials and slap it onto a half-assed clone but more of a business perspective (something the Chinese know how to do).

Plus with Chinese ownership it will only help GM solidify their position in China's growing market. It's a win win for both parties IMO.

izfuney - 10/17/2010 3:29:07 AM

-2 Boost

Not sure, but its a done deal with the best intentions from the Chinese.
Why?
Chinese perspective ;
1) great way to park all the dollars they have while owning a Marquee brand
2) Make a play as a great partner with the biggest american company to underline goodwill

U.S. Perspective :
1) Somebody is gonna buy GM Shares !! YEAH !!!
2) Deep pockets ensure that GM will have liquidity down the road and meet the 20 billion of pension liability on the books
3) The Chinese will be on their best behavior and the politically strong UAW will ensure that they stay that way

uaw_lax - 10/17/2010 11:23:53 AM

-2 Boost

All of this with a microscopic 3 to 9% ownership? Wont happen.