General Motors’ new joint venture with its Chinese partner SAIC will focus on the development of an all-new battery-electric vehicle, a senior GM official says.
The U.S. automaker will not provide the Chinese with intellectual property for what many see as its crown jewel, the extended-range electric vehicle Chevrolet Volt, insisted Vice Chairman Steve Girsky. But, during a media conference call hosted from Shanghai, the former Wall Street analyst acknowledged that GM will be sharing significant intellectual property with its Chinese partner.
The deal, signed today by GM officials and their counterparts at the Shanghai Automotive Industrial Corp., is the latest in a series of partnerships between the two manufacturers. It will take aim at what some believe could become the fastest-growing segment in the booming Chinese automotive market.