History
In 2003, China became the second largest single market for General Motors, selling 201,188 vehicles, an 81.6% percent increase over the previous year. In that year Shanghai GM achieved a 13% market share in mainland China, second only to Volkswagen Group China among foreign carmakers. Sales dropped in 2004 when the company retired the Buick Sail and the release of its replacement, the Chevrolet Sail, was delayed to February, 2005, knocking General Motors Shanghai to seventh place in mainland China market share. Shanghai General Motors market share climbed back to nearly 9.8 percent, placing Shanghai GM among the top three passenger car manufacturers in mainland China.
In May 2005 Shanghai GM completed construction of a new assembly plant, the South Plant, at its facility in eastern Shanghai's Pudong district, more than doubling its annual production capacity to 320,000 vehicles.
Shanghai GM was the top passenger vehicle producer in China in 2006, with sales of 413,400 vehicles. In 2011, Shanghai GM sold 1,200,355 vehicles in the Chinese market. Shanghai GM is the largest joint venture GM has in China.
In September 2006, General Motors launched the Chevrolet Corsa Plus in Chile, a version of the 4-door Opel Corsa with a 1.6L engine, making it the first export market to receive a vehicle manufactured by Shanghai GM.
In February 2010, SAIC acquired an additional 1 percent stake in the joint venture for US$85 million and assistance in securing a US$400 million line of credit to boost SAIC's total share of Shanghai General Motors to 51%.
Read more about this topic: Shanghai GM
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