GM, SAIC Reshape Partnership
WSJ.com
General Motors Co. announced plans Friday to cede control of its key Chinese joint venture to partner SAIC Motor Corp. alongside a push by the partners into India and other emerging markets.
SAIC’s stake in Shanghai General Motors Corp. will rise to 51% from 50% at a time when China is overtaking the U.S. as the world’s largest auto market, though GM described the move as a technicality.
The Chinese group will have the right to approve budgets, strategy and senior management appointments.
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