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SAIC Denies Deal to Buy GM Factory in India
SAIC Motor Corp. denies an Economic Times report last week that it has agreed to buy a General Motors Co. assembly plant in Gujarat, India.
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SAIC Motor Corp. denies an Economic Times report last week that it has agreed to buy a General Motors Co. assembly plant in Gujarat, India.
The Chinese carmaker does say it signed a term sheet to evaluate the facility. But it notes any sale would be contingent upon government approvals and GM’s resolution of unspecified labor issues, Reuters reports.
SAIC adds that it continues to evaluate options but plans to set up a manufacturing plant in India “as early as possible.”
GM said two years ago it intended to suspend production at the Halol facility in Gujarat and consolidate operations at its assembly plant in Talegaon. The company’s two factories have combined annual capacity to make about 260,000 vehicles, but last year GM sold fewer than 29,000 vehicles in China.
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