GM launches new plant to make cars for discount brand BaojunNovember 19, 2012 - 11:15 AMT PanARMENIAN.Net - General Motors Co. and its local Chinese partners have launched a second plant to make cars for its local discount brand Baojun, ratcheting up the battle for customers at the fast-growing lower end of the world's biggest auto market, The Associated Press reports. The SAIC-GM-Wuling joint venture opened the factory on Sunday, Nov 18, in southwestern Guangxi province. GM and its partners have invested 8 billion yuan ($1.3 billion) in the facility, which will be capable of turning out up to 400,000 vehicles a year. The joint venture is also building a powertrain factory at the plant that will be able to produce up to 400,000 engines annually. It's scheduled to open in September 2013. The first car to roll off the plant's production line was a Baojun 630 midsize sedan, one of two cars sold under the only-in-China badge. The 630 sells for about 63,000 yuan ($10,100) while the Le Chi mini car goes for about 40,000 yuan ($6,400). China surpassed the United States as the world's biggest auto market by vehicles sold in 2009 but slowing sales growth has prompted global automakers to look for new ways to tap the faster-growing low end of the Chinese market in smaller cities and the countryside. In September, Nissan unveiled the second model from its new low-priced Chinese brand Venucia, a compact hatchback that will sell for as little as 67,800 yuan ($10,760). Honda has also launched a budget brand, Li Nian. The SAIC-GM-Wuling is focused on making mini-trucks and microvans. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |