GM may be planning to use bailout money to build new plants in China
The recovery plan that General Motors has provided to lawmakers monitoring the GM bailout states that the company intends to begin importing a new product line of smaller cars, reminiscent of the Chevrolet Spark to be manufactured in China and imported into the United States within the next two years.
By 2011 GM plans to import over 17,000 of the Chinese built cars and plans to ramp up production from there eventually importing 50,000 of the smaller cars by 2014. The recipient of $15.4 billion in bailout loans, GM has had no comment on the reports which have been carried in the Shanghai Security News, Wall Street Journal and other sources. A cursory look at the GM website also provided no information on the reports.
No doubt a part of the reticence of GM to address the reports is the fact that the plans fly in the face of the main justification for bailing out GM in the first place, saving American jobs, and will likely meet stiff labor and public opposition.
http://endthebailouts.com/2008/11/11/gm-may-use-bailout-money-to-create-jobs-in-china/
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GM may be planning to use bailout money to build new plants in China
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