After GM Authority exclusively reported back in March that General Motors is establishing a new imported vehicle business in China, the automaker has just officially announced the establishment of its GM Premium Import business in the Asian country.
GM signed a Letter of Intent (LoI) with the government of Shanghai’s Pudong New Area to invest $100 million in the new GM Premium Import business unit, which the company will use to import high-end vehicles into China that complement the wide range of locally manufactured models. As such, the new entity will function as an incubator within GM China in addition to its core business with SAIC-GM.
“Our latest agreement demonstrates GM’s long-term confidence in Pudong, Shanghai and the Chinese market,” said GM Executive Vice President and President of GM China, Julian Blissett, in a statement. “It will enable us to capitalize on emerging opportunities to delight consumers with a greater array of products and services,” he added.
In particular, the new GM Premium Import business will introduce a new portfolio of iconic GM products to the Chinese market, ranging from full-size SUVs and pickup trucks to performance cars built in the United States. This will allow it to market iconic cars such as the Corvette, the Cadillac Escalade and the all-new GMC Hummer EV that was unveiled at the 2021 China International Import Expo (CIIE) for the first time in China.
“We are extremely excited about the personalized products and experiences we will offer to our customers in China,” said Felix Weller, Vice President of GM Premium Import for the country. “We will also bring in top talent to make our new business a success,” Weller added.
This new investment will increase GM’s product offering in China to serve emerging market niches. In addition, the agreement strengthens GM’s 25-year strategic cooperation with authorities in Pudong, where the company’s country headquarters, the SAIC-GM joint venture headquarters, the Pan Asia Technical Automotive Center (PATAC) and the main manufacturing centers are located.