Julian Blissett, president of GM China [Photo/Chinanews]
"China is a land full of opportunities, and GM's (General Motors) development in China is a strong proof. We will continue to explore new opportunities to promote the company's long-term development in the Chinese market," said Julian Blissett, president of GM China.
GM, the largest automaker in the United States, announced on June 30 that it had signed a new deal with Shanghai's Pudong New Area and would add an intended investment of $100 million to grow its new premium import business.
The new premium import business, tailored for China, will present a collection of iconic GM products, ranging from full-size SUVs and pickup trucks to performance cars, powered by both gas and electricity.
"GM is full of confidence in the long-term development of China's economy and auto industry. The new agreement will help us seize new opportunities in the era of high-quality development and bring more diversified and richer products and services to Chinese consumers," Blissett said.
Despite the impact of the COVID-19 pandemic and other factors over the past two years, Blissett believes that the fundamentals for sound and stable growth of the Chinese economy remain unchanged.
"In China's luxury car market, both traditional fuel vehicles and new energy vehicles (NEVs) continue to grow, especially the NEV sector, which has witnessed a booming NEV market penetration rate in the Chinese market in recent years. We chose to invest in Shanghai to start GM's high-end import business, which is strong proof that we still have confidence in the Chinese market," Blissett added.
In recent years, GM has made continuous efforts to expand the Chinese market. Last year, the carmaker expanded the GM China Advanced Design Center in Pudong and reached an agreement with Chinese startup Momenta for a $300 million investment to develop autonomous driving technology. It also launched China's first Ultium Center in Pudong's Jinqiao to assemble battery packs for GM's growing number of new energy vehicles for the domestic market.
"Pudong offers fertile soil for scientific and technological innovation. GM's business in China started from that area, and 25 years ago, GM established its first joint venture in Pudong - SAIC-GM and Pan Asia Automotive Technology Center," Blissett said.
Over the years, GM has planted roots in Pudong, and continues to expand its business in the Chinese market. It has not only established a complete industrial chain in the fields of manufacturing, design, engineering, and research and development, but also built overall industrial and supply chains covering auto finance, and post-market and financial leasing, according to Blissett.
During the pandemic, GM conducted closed-loop management to ensure smooth production, and the company is now back to normal work and production operations.
"We are happy to see that Chinese governments at all levels have introduced a slew of stimulus measures to spur economic recovery. Since May, we have seen a gradual recovery in growth momentum, and all indicators have shown a recovery trend," Blissett added.