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For the rumors that GM wanted to swallow Wuling shares in recent days, the reporter contacted Wuling Group executives on Monday. The senior executive stated that there is no conclusion yet, but GM does have this idea and action.
"Shangqi GM Wuling is operating so well. Who would like to let go?" A SAIC-GM-Wuling executive said in a phone interview with reporters on Monday that GM did have the idea of ​​acquiring Wuling shares, but Wuling was not willing to let go.
The reporter learned that GM had announced that it would acquire Wuling shares as early as 2007, but Wuling’s attitude was tough. At that time, it also issued a statement to the media that SAIC-GM-Wuling’s development was in good shape and Wuling did not have a plan to sell its shares, which was held by major shareholders. The proportion of shares is satisfactory.
Due to the huge sales and profits contributed to GM every year, GM’s ambition for Wuling has long been evident. From January to July this year, SAIC-GM-Wuling represented 64% of GM’s total sales in China. However, in SAIC-GM-Wuling’s joint venture, SAIC is the controlling shareholder, holding 50.1% of the shares, while GM only holds 34% of shares. The remaining 15.9% were held by Liuzhou Wuling Group. GM is eager to increase the capital of SAIC-GM-Wuling.
The senior executive admits that GM has indeed helped Wuling to expand its overseas markets. It has regarded China as one of its global strategic cores, GM, and hopes to eventually turn it into a general-purpose mini vehicle production base in the world. In fact, in July of last year, Wuling Hongtu started to hang a GM Chevrolet export to Latin America. It is reported that GM has already planned to introduce Wuling Micro-car to the Indian and Indonesian markets.