General Motors has inked a Letter of Intent (LoI) with the government of Shanghai’s Pudong New Area for the automaker’s intended investment of $100 million to set up Premium Import business in the country.
“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 efforts in Pudong can be traced back to 25 years, when the American company established two joint ventures, SAIC-GM and PATAC. Since then, the automaker has developed full-fledged capabilities in manufacturing, design, engineering, and R&D in China. Moreover, GM has introduced a comprehensive product matrix in the country that covers almost all market segments with competitiveness.
The new Premium Import business will present a curated collection of iconic GM products through an innovative business model. The imported models will range from full-size SUVs, full-size pickup trucks, to performance cars. The platform will help GM further expand its current product portfolio and meet the diverse market demands in China.