General Motors said on Nov. 12 that it was making money in China and was continuing its investments in the large Asian market. "We are continuing our investment in China and actually we are very profitable in China," said Henry Wong, a Shanghai-based spokesman.
He said that various investment projects GM had committed itself to in the past were "all on target and on track." These included expansion projects for existing plants in the cities of Qingdao and Yantai, both in east China's Shandong province, he said. "We are not withdrawing or holding back any investment in China."
On Nov. 12, GM chief executive Rick Wagoner said the U.S. auto maker was in such dire financial straits that it needed to line up a federal aid package before president-elect Barack Obama took office in January. "This is an issue that needs to be addressed urgently," Wagoner told Automotive News, adding that now is the time to "overshoot, not undershoot" the level of assistance.
GM has said it needs cash reserves of between $11 and $14 billion to cover the cost of its operations.
Copyright Agence France-Presse, 2008