The Chinese “love” American cars and General Motors has plans to open 600 new dealerships in China in the coming years, GM Chairman Daniel Akerson tells Newsmax.TV.
“If you look at year over year, we’ve gained two-and-a-half, three percent of the market there,” he says.
“Our products that are selling well there are Buicks, Chevrolets. They love American cars. So we’re going to start manufacturing Cadillacs in China.
“People say why don’t you make them here. Well, there are import duties. Our margins are not thin but they’re not high. You have foreign currency fluctuations. We like to sell where we build.
“And so you look at the Chinese market, it’s estimated that by 2020, 40 percent of the luxury brands in automobiles will be sold in China with the emergence of the middle class and higher per capita income.”
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