GM China Fact Sheet

Total Page:16

File Type:pdf, Size:1020Kb

GM China Fact Sheet GM Communications China Corporate Communications Shanghai, China GM China – Company Fact Sheet April 2013 Founded June 26, 1991; headquarters in Shanghai, China Country Operations Leader Bob Socia, President of GM China and Chief Country Operations Officer of China, India and ASEAN Brands Chevrolet Cadillac Buick Baojun Opel Jiefang Wuling GM has 12 joint ventures, two wholly owned foreign enterprises and more than About GM China 55,000 employees in China. GM and its joint ventures offer the broadest lineup of vehicles and brands among automakers in China. Passenger cars and commercial vehicles are sold under the Baojun, Buick, Cadillac, Chevrolet, Jiefang, Opel and Wuling brands. In 2012, GM sold more than 2.8 million vehicles in China. GM has been the sales leader among global automakers in the market for eight consecutive years. Number of Employees 55,000 (including joint ventures) 1. Shanghai General Motors Co. Ltd. (Shanghai GM) – 50/50 JV with SAIC 2. Pan Asia Technical Automotive Center (PATAC) - 50-50 JV with SAIC Joint Ventures 3. SAIC-GM-Wuling Automobile Co. Ltd. (SAIC-GM-Wuling) - SAIC has a 50.1 percent stake, GM China a 44.0 percent stake and Wuling Motors a 5.9 percent stake 4. Shanghai GM (Shenyang) Norsom Motors Co. Ltd. - SGM holds a 50 percent stake and oversees management. GM China and SAIC each hold 25 percent stakes 5. Shanghai GM Dong Yue Motors Co. Ltd. - JV manufacturing facility situated in Yantai, Shandong. Shanghai GM holds a 50 percent stake and oversees management. GM China and SAIC each hold 25 percent stakes in the facility, which manufactures Chevrolet vehicles. 6. Shanghai GM Dong Yue Automotive Powertrain Co. Ltd. is a joint venture located in Yantai, Shandong. Shanghai GM owns 50 percent and oversees management. GM China and SAIC each own 25 percent. 7. GMAC-SAIC Automotive Finance Co., Ltd – GM owns 40%, Shanghai Automotive Group Finance Co. Ltd. Owns 40% and Shanghai GM (20%). 8. Shanghai OnStar Telematics Co. Ltd. - OnStar and SAIC subsidiary Shanghai Automotive Industry Sales Co. Ltd. (SAISC) each own 40 percent of the joint venture. SGM owns the remaining 20 percent. 9. FAW-GM Light Duty Commercial Vehicle Co. Ltd. is a 50-50 joint venture between GM China and China FAW Group Corp 10. SAIC General Motors Investment Limited is a 50-50 joint venture investment company between GM and SAIC 11. Shanghai Chengxin Used Car Operation and Management Co., Ltd. - GM China and Shanghai GM each have of 33 percent, with SAISC holding the remaining 34 percent. 12. SAIC General Motors Sales Co. Ltd. is a joint venture between GM China and SAIC Motor that was established on November 25, 2011. GM China has a 49 percent stake and SAIC Motor a 51 percent stake. Grow Cadillac – to respond to demand in growing luxury market. Introduced 2013 Focus Areas XTS in 1st quarter and is locally built in Shanghai. Will add one new Cadillac locally produced model per year through 2016. More SUV entries – Encore, Captiva and more to come to meet market demand in this growing segment. Exports- continue to leverage our partnerships and products from SGM and SGMW such as Sail and Wuling vans to grow exports to GM overseas markets. Dealerships 3,800 dealerships across all JVs at year end 2012 Details below Manufacturing GM’s preference is to build where we sell in all global markets. Today only a few models are imported to China, the rest are locally built New plants opened in 2012 increased capacity by about 20% in 2013 compared to 2012. (SGM Dongyue and SGMW Liudong) Details below on locations 3 design centers – 1 wholly GM owned and 2 with PATAC (Shanghai and Liuzhou) Engineering, Design and Technical 2 technical centers in Shanghai – 1 wholly GM owned and 1 with PATAC Centers 1 advanced technical center in Shanghai Proving Grounds 1 proving ground in Guangde, Anhui province 2013 Sales Expect GM’s performance will continue to outpace the industry growth in 2013, about 8-10% growth above 2012 levels (2.8 million units). In the first quarter of 2013, GM and its joint ventures sales in China reached all- time high to 816,373 units, an increase of 9.6% from the same period last year. 2012 Sales and Market Share In 2012, domestic sales of vehicles by GM and its joint ventures were 2,836,128 units, up 11.3%. Record market share of 14.6% Annual sales history detail from 2001 is below Page 2 of 4 Sales Growth of GM China and China Industry for the Past 11 Years China became the world’s largest vehicle market in 2009 Volume 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 SGM 60,264 114,384 204,814 254,522 325,340 409,932 479,427 445,709 727,620 1,033,307 1,200,355 1,331,022 SGMW 180,188 235,188 335,187 457,123 548,945 647,296 1,061,213 1,226,860 1,285,820 1,445,203 FAW-GM 34,860 88,224 56,132 55,609 Others 43,038 27,603 4,816 2,301 2,942 3,878 3,602 1,556 2,783 3,219 4,864 4,294 GM China 103,302 141,987 389,818 492,011 663,469 870,933 1,031,974 1,094,561 1,826,476 2,351,610 2,547,171 2,836,128 Growth 38% 37% 175% 26% 35% 31% 18% 6% 67% 29% 8.3% 11.3% China 2,468,806 3,375,465 4,562,709 5,247,107 5,750,339 7,101,546 8,457,399 9,073,799 13,744,95 18,289,05 18,696,00 19,393,643 Industry 8 3 3 Growth 13% 37% 35% 15% 10% 23% 19% 7% 51% 33% 2.2% 3.7% GM China 4.2% 4.2% 8.5% 9.4% 11.5% 12.3% 12.2% 12.1% 13.3% 12.9% 13.6% 14.6% mkt share GM China Manufacturing Strategy/Footprint Summary SGM - 6 Norsom I Norsom II Dongyue North Dongyue South Jinqiao North Jinqiao South FAW-GM - 3 Harbin Changchun Hongta SGMW - 4 Qingdao Liuzhou East Liuzhou West Liudong Assembly Plant Total - 13 Powertrain Plant Total - 4 Page 3 of 4 China Dealer Network - Growing by about 10% (about 400 dealers) in 2013 from roughly 3800 to 4200 Number of outlets by brand 2011 2012 2013 Target GM China all joint ventures 3060 3840 4265 Page 4 of 4 .
Recommended publications
  • Technical Information
    Subject Expansion of applicable ports subject to regulations on the sulphur content of fuel oil within Chinese emission control areas starting on 1 January 2018 Technical Information No. TEC-1138 Date 8 December 2017 To whom it may concern As previously informed in ClassNK Technical Information Nos. TEC-1060, TEC-1063, TEC-1068, TEC-1088 and TEC-1130, the Chinese government has implemented regulations limiting the sulphur content of fuel oils used onboard ships to 0.5% m/m. Currently, as shown in the following table, ships only berthing at core port areas within the Pearl River Delta or the Bohai Rim, or at any ports within the Yangtze River Delta are required to use fuel oils whose sulphur content does not exceed 0.5% m/m; however, starting on 1 January 2018, all ships berthing at any ports within the Pearl River Delta, the Bohai Rim or the Yangtze River Delta will be required to use fuel oils whose sulphur content does not exceed 0.5% m/m. Therefore, at the time of bunkering, please make sure that the sulphur content of the fuel oil used onboard ship on and after that date satisfies the new limit value (0.5% m/m). Applicable ports subject to the regulations on the sulphur content of fuel oil From 1 September 2017 until From 1 January 2018 31 December 2017 The Pearl River Delta Guangzhou, Shenzhen and Zhuhai emission control area The Bohai Rim emission Tianjin, Qinhuangdao, Tangshan Any ports control area and Huanghua The Yangtze River Delta Any ports emission control area For more information, please refer to Attachment 1 which is summary of the Chinese regulations as previously informed in prior ClassNK Technical Information.
    [Show full text]
  • Agenda China Offshore Shipyard Roadshow
    Agenda China Offshore Shipyard Roadshow 26 November – 4 December | Dalian, Yantai, Nantong, Qidong and Shanghai | Norwegian Energy Partners (NORWEP) welcomes you to join our event in China 26 November – 4 December: Combining our China Offshore Shipyard Roadshow with the Marintec China conference and exhibition 5 December – 8 December in Shanghai. We will be visiting Chinas top offshore shipyards to meet presidents, project managers, technical managers and procurement managers with each shipyard. Mr. Benedikt Henriksen Shipyard to visit: Regional Director Shipyards - COSCO Dalian shipyard China, Korea and Singapore - DSIC Offshore shipyard (+47) 911 83 863 - CIMC Raffles shipyard [email protected] - Shanghai Zhenhua Heavy Industry (ZPMC) - China Merchants Heavy Industry (CMHI) - COSCO Offshore shipyard - Shanghai WaiGaoQiao Shipyard (SWS) Network reception at the Kerry Hotel Pudong, Shanghai on Monday 4 December arranged by the Royal Norwegian Consulate General in Shanghai together with several partners. (Optional, not included in the NORWEP programme ) We are looking forward to seeing you! Mr. Jian Guo Energy Advisor China [email protected] (+86) 1391 0398739 2 Norwep.com Welcome to Dalian Sunday 26 November Everyone to arrive at Shangri-La hotel no later than 7 PM Sunday 19:00 Briefing and preparation for the roadshow followed by dinner (sponsored by NORWEP) Please see last page for hotel information 3 Norwep.com Dalian Monday 27 November 07:20 Travel by bus from the Shangri-La hotel to COSCO Dalian shipyard 08:30 COSCO
    [Show full text]
  • Tone Variations in Regionally Accented Mandarin
    INTERSPEECH 2020 October 25–29, 2020, Shanghai, China Tone variations in regionally accented Mandarin Yanping Li, Catherine T. Best, Michael D. Tyler, Denis Burnham The MARCS Institute, Western Sydney University, Australia {yanping.li,c.best,m.tyler,d.burnham}@westernsydney.edu.au Perceptual Assimilation Model (PAM) [8-9]. Both models Abstract claim that second language (L2) learners are unable to discern The present study investigated tone variations in regionally certain phonetic differences between segments in their first accented Mandarin (i.e., Standard Mandarin [SM] spoken by language (L1) and L2 because of their “equivalence dialectal Chinese speakers) as influenced by the varying tone classification” (SLM) or “perceptual assimilation” (PAM) of systems of their native dialects. 12 female speakers, four each L2 phones to their native phonemes, resulting in inaccurate L2 from Guangzhou, Shanghai and Yantai, were recruited to pronunciation. From SLM and PAM viewpoints, we would produce monosyllabic words in SM that included minimal expect Shanghai speakers’ production of Mandarin tones to contrasts among the four Mandarin lexical tones. Since SM differ from those by native Beijing Mandarin speakers given developed from the Beijing dialect, their pronunciations were that SM has four lexical tones (i.e., T1 has high-level pitch, T2 compared to the same Mandarin words produced by four high-rising pitch, T3 low-dipping pitch, and T4 high-falling Beijing female speakers. Regional Mandarin speakers pitch [10]), but the five-tone inventory of the Shanghai dialect successfully produced the four Mandarin lexical tones, but their lacks a dipping tone. Since Tone 3 in SM has a low falling- productions varied from SM.
    [Show full text]
  • Competing in the Global Truck Industry Emerging Markets Spotlight
    KPMG INTERNATIONAL Competing in the Global Truck Industry Emerging Markets Spotlight Challenges and future winning strategies September 2011 kpmg.com ii | Competing in the Global Truck Industry – Emerging Markets Spotlight Acknowledgements We would like to express our special thanks to the Institut für Automobilwirtschaft (Institute for Automotive Research) under the lead of Prof. Dr. Willi Diez for its longstanding cooperation and valuable contribution to this study. Prof. Dr. Willi Diez Director Institut für Automobilwirtschaft (IfA) [Institute for Automotive Research] [email protected] www.ifa-info.de We would also like to thank deeply the following senior executives who participated in in-depth interviews to provide further insight: (Listed alphabetically by organization name) Shen Yang Senior Director of Strategy and Development Beiqi Foton Motor Co., Ltd. (China) Andreas Renschler Member of the Board and Head of Daimler Trucks Division Daimler AG (Germany) Ashot Aroutunyan Director of Marketing and Advertising KAMAZ OAO (Russia) Prof. Dr.-Ing. Heinz Junker Chairman of the Management Board MAHLE Group (Germany) Dee Kapur President of the Truck Group Navistar International Corporation (USA) Jack Allen President of the North American Truck Group Navistar International Corporation (USA) George Kapitelli Vice President SAIC GM Wuling Automobile Co., Ltd. (SGMW) (China) Ravi Pisharody President (Commercial Vehicle Business Unit) Tata Motors Ltd. (India) © 2011 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved. Competing in the Global Truck Industry – Emerging Markets Spotlight | iii Editorial Commercial vehicle sales are spurred by far exceeded the most optimistic on by economic growth going in hand expectations – how can we foresee the with the rising demand for the transport potentials and importance of issues of goods.
    [Show full text]
  • The Role and Characteristics of Chinese State-Owned and Private Enterprises in Overseas Investments
    The Role and Characteristics of Chinese State-owned and Private Enterprises in Overseas Investments 1 The Role and Characteristics of Chinese State-owned and Private Enterprises in Overseas Investments Researched and written by Mark Grimsditch Published by Friends of the Earth US, June 2015 ©Copyright Friends of the Earth US Design by Design Action Courtesy of Creative Commons Acknowledgements Friends of the Earth US would like to thank Mark Grimsditch for his work in authoring this report. We also would like to thank our friends and colleagues for their help in reviewing this report, especially Michelle Chan, Economic Policy Director at FOE US. About Friends of the Earth Friends of the Earth U.S., founded by David Brower in 1969, is the U.S. voice of the world’s largest federation of grassroots environmental groups, with a presence in 74 countries. Friends of the Earth works to defend the environment and champion a more healthy and just world. Throughout our 45-year history, we have provided crucial leadership in campaigns resulting in landmark environmental laws, precedent-setting legal victories and groundbreaking reforms of domestic and international regulatory, corporate and financial institution policies.www.FoE.org For more information on this report, please contact: [email protected]. 2 TABLE OF CONTENTS Introduction.......................................................................................................4 Overview of Chinese Enterprises ......................................................................5 State-owned
    [Show full text]
  • Imperial China and the West Part I, 1815–1881
    China and the Modern World: Imperial China and the West Part I, 1815–1881 The East India Company’s steamship Nemesis and other British ships engaging Chinese junks in the Second Battle of Chuenpi, 7 January 1841, during the first opium war. (British Library) ABOUT THE ARCHIVE China and the Modern World: Imperial China and the West Part I, 1815–1881 is digitised from the FO 17 series of British Foreign Office Files—Foreign Office: Political and Other Departments: General Correspondence before 1906, China— held at the National Archives, UK, providing a vast and significant primary source for researching every aspect of Chinese-British relations during the nineteenth century, ranging from diplomacy to trade, economics, politics, warfare, emigration, translation and law. This first part includes all content from FO 17 volumes 1–872. Source Library Number of Images The National Archives, UK Approximately 532,000 CONTENT From Lord Amherst’s mission at the start of the nineteenth century, through the trading monopoly of the Canton System, and the Opium Wars of 1839–1842 and 1856–1860, Britain and other foreign powers gradually gained commercial, legal, and territorial rights in China. Imperial China and the West provides correspondence from the Factories of Canton (modern Guangzhou) and from the missionaries and diplomats who entered China in the early nineteenth century, as well as from the envoys and missions sent to China from Britain and the later legation and consulates. The documents comprising this collection include communications to and from the British legation, first at Hong Kong and later at Peking, and British consuls at Shanghai, Amoy (Xiamen), Swatow (Shantou), Hankow (Hankou), Newchwang (Yingkou), Chefoo (Yantai), Formosa (Taiwan), and more.
    [Show full text]
  • Entry Mode Joint Venture & Strategic Alliance
    Larrieux Emma Ricaud Luc Metton Anna Emma Pangaut Erwann Moreaux David ENTRY MODE JOINT VENTURE & STRATEGIC ALLIANCE What is a joint venture ? A joint venture is an association of companies for the purpose of carrying out a joint project. Consequently, the two companies - or more - have the desire to collaborate in order to share their skills, knowledge. In this guide we are going to explain you why companies use joint venture. You will see that this entry mode is used outside of simple skill sharing. It exists three types of joint venture : - The horizontal joint venture : This joint venture regroup companies who has a same activities and similar sector of activity - The vertical joint venture : It’s cooperation between two companies who have a same sector of activities, but who haven’t the same job ( a producteur of partition with recording studio) - The conglomerate joint venture : There isn’t a relation face to a sector between the partner ( a label and provider of internet ) Why companies use Joint Venture ? ● Opportunity to leverage the distinct strengths of both partner organisations ● Cuts investment or funding costs versus developing commercial opportunities in house ● Partner skill set should be complementary, making the value of the JV greater than the sum of its parts, as well as ● providing quick and low cost access to expertise in an area where you are weak ● Reduces downside risk should partnership not deliver the expected/ hoped for returns ● Increased power over the activities and principles guiding the JV's operations and objectives compared to a ● minority interest investment ● Allows a deal to be done when funding might otherwise preclude it, since you can contribute things other than ● cash, such as assets, IP or know-how Some examples : We are going to illustre why companies use joint venture thanks to some concrete examples.
    [Show full text]
  • Groupe Renault and Jmcg Officially Establish a Joint Venture for Electric Vehicles in China
    PRESS RELEASE 2019­07­17 GROUPE RENAULT AND JMCG OFFICIALLY ESTABLISH A JOINT VENTURE FOR ELECTRIC VEHICLES IN CHINA • Groupe Renault will increase its share capital by RMB 1 billion to become a major shareholder of JMEV with a 50% stake. Boulogne­Billancourt, July 17, 2019 – Groupe Renault and Jiangling Motors Corporation Group (JMCG) announced the official establishment of their joint venture to further promote the development of the EV industry in China, following a first agreement on December 20, 2018. Groupe Renault will increase its share capital by RMB 1 billion (about 128.5 million euros) to become a major shareholder of JMEV with a 50% stake. JMEV has already completed business license registration. This cooperation is part of the overall strategy of JMCG and Groupe Renault. Through this joint venture, Groupe Renault will be able to expand its influence in China’s electric vehicle market, while JMCG will be able to integrate and leverage more resources, which will promote its rapid growth in the future. China is a key market for Groupe Renault. This partnership in electric vehicle business with JMCG will support our growth plan in China and our EV capabilities. As a pioneer and leader in the European EV market for 10 years, we will capitalize on our experience in EV R&D, production, sales and services, said Mr. Francois Provost, Senior Vice President, Chairman of China Region, Groupe Renault. Adhering to the concept of openness and cooperation, JMCG is one of the first domestic enterprises to introduce international strategic partners. By partnering with Groupe Renault, JMEV will be able to elevate its comprehensive competitiveness to a new level and penetrate into China’s electric vehicle market, said Mr.
    [Show full text]
  • CHINA CORP. 2015 AUTO INDUSTRY on the Wan Li Road
    CHINA CORP. 2015 AUTO INDUSTRY On the Wan Li Road Cars – Commercial Vehicles – Electric Vehicles Market Evolution - Regional Overview - Main Chinese Firms DCA Chine-Analyse China’s half-way auto industry CHINA CORP. 2015 Wan Li (ten thousand Li) is the Chinese traditional phrase for is a publication by DCA Chine-Analyse evoking a long way. When considering China’s automotive Tél. : (33) 663 527 781 sector in 2015, one may think that the main part of its Wan Li Email : [email protected] road has been covered. Web : www.chine-analyse.com From a marginal and closed market in 2000, the country has Editor : Jean-François Dufour become the World’s first auto market since 2009, absorbing Contributors : Jeffrey De Lairg, over one quarter of today’s global vehicles output. It is not Du Shangfu only much bigger, but also much more complex and No part of this publication may be sophisticated, with its high-end segment rising fast. reproduced without prior written permission Nevertheless, a closer look reveals China’s auto industry to be of the publisher. © DCA Chine-Analyse only half-way of its long road. Its success today, is mainly that of foreign brands behind joint- ventures. And at the same time, it remains much too fragmented between too many builders. China’s ultimate goal, of having an independant auto industry able to compete on the global market, still has to be reached, through own brands development and restructuring. China’s auto industry is only half-way also because a main technological evolution that may play a decisive role in its future still has to take off.
    [Show full text]
  • ANNUAL REPORT 2017 Hkex Stock Code : 305 ANNUAL REPORT 2017 CORPORATE PROFILE
    WULING MOTORS HOLDINGS LIMITED 五菱汽車集團控股有限公司 (Incorporated in Bermuda with limited liability) ENTERING THE ERA OF HIGH PERFORMANCE WITH CLEAN ENERGY ANNUAL REPORT 2017 HKEx Stock Code : 305 ANNUAL REPORT 2017 CORPORATE PROFILE Wuling Motors Holdings Limited (“Wuling Motors Holdings” or the “Company”) and its subsidiaries (collectively referred to as the “Wuling Group” or the “Group”) are principally engaged in the businesses of trading and manufacturing of automotive components, engines and specialized vehicles. Our Group’s corporate goal is to grasp the tremendous business opportunities arising from the rapidly growing automobile industry in China and Asia. We supply engines and automotive components to commercial-type mini-vehicles and passenger vehicles. We are also a qualified enterprise for manufacturing electrical mini-truck in China. The Group’s main production facilities are located in Liuzhou, Qingdao, Chongqing and Indonesia. Since 2011, we have been ranked as one of the Fortune China 500 Enterprises. GROUP STRUCTURE DRAGON HILL GUANGXI AUTOMOBILE 13.7% WULING MOTORS 60.6% HOLDINGS HKEx:305 60.9% 39.1% WULING INDUSTRIAL ENGINES AND AUTOMOTIVE SPECIALIZED RELATED PARTS COMPONENTS VEHICLES AND (INCLUDING NEW OTHER INDUSTRIAL ENERGY VEHICLES) SERVICES Wuling Motors Holdings Limited > Annual Report 2017 CONTENTS Corporate Profi le Group Structure 2 Chairman’s Statement 10 Report of the CEO 14 Operation Review Main Business Segments Engines and Automotive Specialized Related Parts Components Vehicles and Other (including Industrial
    [Show full text]
  • Magna International Inc. (Exact Name of Registrant As Specified in Its Charter)
    United States Securities and Exchange Commission Washington, D.C. 20549 FORM 40-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13(a) or 15(d) of THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 Commission File Number 001-11444 Magna International Inc. (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant’s name into English (if applicable) Province of Ontario, Canada (Province of other jurisdiction of incorporation or organization) 3714 (Primary Standard Industrial Classification Code number (if applicable) Not Applicable (I.R.S. Employer Identification Number (if applicable) 337 Magna Drive, Aurora, Ontario, Canada L4G 7K1 (905) 726-2462 (Address and telephone number of Registrant’s principal executive offices) Corporation Service Company, 1180 Avenue of the Americas, Suite 210 New York, New York 10036-8401 Telephone 212-299-5600 (Name, address (including zip code) and telephone number (including area code) of agent for service in the United States) Securities registered or to be registered pursuant to Section 12(b) of the Act. Title of each class Name of each exchange on which registered Common Shares New York Stock Exchange Securities registered or to be registered pursuant to Section 12(g) of the Act. None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None For annual reports, indicate by check mark the information filed with this Form: ☒ Annual Information Form ☒ Audited Annual Financial Statements Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
    [Show full text]
  • SAIC Motor Is the Largest Automobile Group in China. Its Businesses
    Page 1 of 2 TAN CHONG MOTOR HOLDINGS BERHAD (12969-P) - Memorandum of Understanding between TC Services Vietnam Co., Ltd, a Wholly-owned Subsidiary of Tan Chong Motor Holdings Berhad and SAIC Motor International Co., Ltd Introduction The Board of Directors of Tan Chong Motor Holdings Berhad (“TCMH” or “the Company”) wishes to announce that TC Services Vietnam Co., Ltd (“TC Services Vietnam ”) , a wholly-owned subsidiary of TCMH, had on 26 July 2019 entered into a Memorandum of Understanding (“MOU”) with SAIC Motor International Co., Ltd, (“SMIL”) to cooperate with each other in Vietnam market on CKD assembly, sales and distribution, as well as on imported CBU sales (“Project”) of certain automobile brand of products to be agreed between the parties (“Authorised Products”) with the objective of signing relevant cooperation agreements (“Cooperation Agreement”) to formalise the cooperation relationship. Information on TC Services Vietnam TC Services Vietnam is a wholly-owned subsidiary of TCMH incorporated in Vietnam. TC Services Vietnam is authorised to engage in retail distribution of various kinds of automobiles, provision of automotive maintenance and repair and spare parts services in accordance with the Laws of Vietnam. Information on SMIL SMIL is a wholly-owned subsidiary of SAIC Motor Corporation Limited (“SAIC Motor”) incorporated under the laws of the People’s Republic of China and having its registered office at 429H Room, No. 188, Ye Sheng Rd, China (Shanghai) Pilot Free Trade Zone, Shanghai, P.R.C. SMIL is engaged in the automotive business, including but not limited to the sale of automobiles and relevant components. SAIC Motor is the largest automobile group in China.
    [Show full text]