The three major US auto manufacturers -- GM, Chrysler, and Ford -- are begging Congress for a 25 billion US dollar government rescue. But GM China is doing well and bullish about the Chinese market.
Industry insiders point out that bankruptcy protection will be the last resort for the auto companies. GM says it hopes to avoid bankruptcy, and even if it happens, it is still confident about the Chinese market.
Luan Jianghong, Employee of GM China said "First of all, GM's CEO has emphasized again and again that he hopes to avoid bankruptcy, since it's not a good choice for consumers, both in North America and other places, and it's also not good for the auto industry. The Chinese market is the second largest market aside from North America, and it's a very lucrative market. So the company will keep its investments in China, and our plan of introducing new products will not change."
Luan says the financial crisis has affected the North American market much more than other places. GM's eight JVs in China are all doing well in terms of cash flow, and the company will introduce 10 new car models to China over the next three years. Referring to its after-sale service, GM says more than half of its parts production is now localized, so it will be able to fully meet customers' needs.
(CCTV November 25, 2008)
