SAIC AND GM SIGN MEMORANDUM OF UNDERSTANDING FOR LONG-TERM STRATEGIC COOPERATION

2010-11-03

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Shanghai – SAIC Motor Corp., Ltd. (SAIC) and General Motors Co. (GM) today signed a non-binding memorandum of understanding (MoU) on strategic cooperation.

They jointly announced that they are planning to reinforce their collaboration in certain core areas of their business, including the development of new energy vehicles and the creation of a stronger and more integrated role for their Pan Asia Technical Automotive Center (PATAC) automotive engineering and design joint venture to work on future vehicles and powertrains.

The signing of the MoU builds on the automakers’ efforts to explore cooperation in Asia’s emerging markets, led by India, and to co-develop two efficient next-generation powertrain families. It represents an extension of SAIC and GM’s plans to build a closer strategic alliance.

A joint effort to develop more new energy vehicles and components is a core element of the anticipated strategic cooperation. It could include the co-development of key components, leveraging best solutions from either party, the development of a next-generation electric vehicle architecture for China and the acceleration of electric vehicle technical capability in the companies’ China operations.

In addition to a focus on new energy vehicles, SAIC and GM anticipate sharing an additional vehicle architecture and powertrain application in an effort to help reduce development costs and benefit from economies of scale. They also plan to further enhance the vehicle and powertrain capabilities of PATAC, while jointly training local R&D staff. This will allow both partners to capitalize on new development opportunities in emerging markets.

In the first ten months of 2010, SAIC and GM’s Shanghai GM (SGM) joint venture sold about 843,000 vehicles in China. SAIC-GM-Wuling (SGMW) has been the largest mini-vehicle manufacturer in China for four consecutive years. Last year, SGMW became China’s first vehicle manufacturer to top 1 million units of sales and production. It has already reached this mark in 2010.

SAIC and GM also joined together as the global automobile partner of World Expo 2010 Shanghai. At the SAIC-GM Pavilion, they showcased their vision of sustainable urban transportation in the year 2030 under the theme of “Drive to 2030.”

Today’s MoU will reinforce the two automakers’ ongoing collaboration following Expo 2010. The areas covered by the MoU are subject to the negotiation of definitive agreements. 

About General Motors:

General Motors, one of the world’s largest automakers, traces its roots back to 1908.  With its global headquarters in Detroit, GM employs 208,000 people in every major region of the world and does business in more than 120 countries.  GM and its strategic partners produce cars and trucks in 31 countries, and sell and service these vehicles through the following brands:  Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Jiefang, Opel, Vauxhall and Wuling. GM’s largest national market is China, followed by the United States, Brazil, Germany, the United Kingdom, Canada, and Italy.  GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors acquired operations from General Motors Corp. on July 10, 2009, and references to prior periods in this and other press materials refer to operations of the old General Motors Corp.  More information on the new General Motors can be found at www.gm.com.


About SAIC Motor:

SAIC Motor Corp. Ltd. is the largest listed vehicle company in the Chinese A-share stock market. In 2009, SAIC Motor sold more than 2.72 million vehicles, continuing its leading position among major automotive groups in China. The main businesses of the corporation include R&D, production and sales of vehicles (including passenger and commercial vehicles) and components (including powertrains, chassis, electronics and electric parts) that are closely related with vehicle development, as well as the automotive finance business.

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CONTACTS:

Michael Albano
GM International Operations
Michael.Albano@gm.com
(86-21) 2899-6463