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Posts Tagged ‘Shanghai General Motors’

Chinese Auto Financing Business Booming

GMAC-SAIC sets record monthly contract volume.

by on Sep.14, 2010

World's largest auto market soon to be largest finance market as well?

Traditionally the new vehicle market in China was dominated by cash transactions. However, the Chinese desire for vehicles bought on credit might not be all that different than elsewhere. GMAC-SAIC Automotive Finance Co., Ltd. (GMAC-SAIC) today announced that it booked a monthly record for retail contacts in August, or more than 18,000 retail contracts in August.

China of course is the world’s largest auto market. GM and its joint ventures sold a record 1,826,424 vehicles in China in 2009.  GM ended 2009 number one among global automakers for the fifth consecutive year. With Chinese sales of 1,567,411 units through August 2010, GM is on track to remain number one in 2010.

The joint venture between Ally Financial Inc., Shanghai Automotive Group Finance Co., Ltd. and Shanghai General Motors Co. Ltd.,  has now  signed more than 109,000 retail loan contracts during the first eight months of 2010, which exceeds the 2009 full year total. Chinese industrial policy requires automakers to establish joint-ventures with local companies and reinvest profits in China.

“We are very pleased with yet another year characterized by strong business growth. Surpassing 100,000 retail contracts at this point of the year represents a significant milestone for not only us, but for the whole automotive finance industry in China,” said Rick Livingood, general manager of GMAC-SAIC.

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GM’s OnStar Number One in China

World’s largest auto market is a test for GM's ability to grow.

by on Jun.24, 2010

Shanghai General Motors is providing one year of OnStar as standard equipment to customers with OnStar equipped new vehicles.

Six months after being launched, General Motors’ OnStar has become the largest in-vehicle communications provider in China with more than 29,000 subscribers. (See OnStar Telematics to Launch in China) This is the first OnStar operation outside of the U.S. and Canada since OnStar was formed in 1995. OnStar claims it is now a global leader in telematics with more than 5.6 million customers and 230 million customer interactions to-date.

OnStar President Chris Preuss made the announcement in China yesterday as part of the second “Drive to 2030” Sustainable Urban Mobility Forum at the SAIC-GM Pavilion at Expo 2010.

Toyota, Lexus, Nissan and Audi also offer telematics products in what is now a small private market, but is thought to offer great future sales potential. It is also the subject of a growing automotive safety debate that even has the Secretary General of the United Nations calling for action on distracted driving, a growing global menace.

The “Mobility Internet” is GM’s vision for a future of connected cars. It refers to the technologies that allow vehicles to collect, process and share enormous amounts of data by linking them to each other and to an urban network, much as the Internet links computers today.

The Mobility Internet will, in GM’s theory, enable vehicle users to connect to their social networks, creating social interaction while on the road,  another, yet another, enabler to the growing Distracted Driving pandemic.

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Wired!

“Telephones and computers have evolved from desktop fixtures tethered by landlines to pocket-size devices that can go anywhere, anytime, connecting us wirelessly to the world via the Internet,” said John Du, director of GM’s China Science Lab. “Now it’s the automobile’s turn.”

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OnStar Telematics to Launch in China

Joint venture will offer services in Mandarin this December.

by on Oct.29, 2009

Limited but ultimately an unlimited market?

Limited but ultimately an unlimited market?

Shanghai OnStar Telematics Company opens for business in China this December following an announcement more than two years ago by ousted General Motors Chairman Rick Wagoner.

Since then Toyota, Lexus, Nissan and Audi have offered telematics products to what is now an extremely small private market that is thought to offer great future sales potential.

OnStar services will be available first on some Cadillac, then Buick and finally Chevrolet vehicles as a roll out proceeds during an unspecified period.

This is the first OnStar operation outside of the U.S. and Canada since OnStar was formed in 1995. OnStar claims it is now a global leader in telematics with more than 5.6 million customers and 230 million customer interactions to-date.

Stay Connected!

Stay Connected!

The new venture is significant for GM in that it underscores the importance of the emerging Chinese market, now the world’s largest, as well as the need for GM to demonstrate it can expand sales and revenues so that it can pay back Canadian and U.S. taxpayer loans.

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