« | »

Chi-Coms Close To Buying ‘Stake’ In GM

From a joyous Reuters:

China’s SAIC close to GM IPO stake buy-sources

DETROIT/NEW YORK Nov 10 (Reuters) – General Motors Co [GM.UL] is in the final stage of talks to sell equity to long-time Chinese partner SAIC Motor Corp (600104.SS) in conjunction with its landmark initial public offering, two people familiar with the matter said.

The two government-funded automakers [sic] are currently finalizing how much of a stake SAIC would buy in the top U.S. automaker after discussions involving technology sharing and SAIC’s ambitions to move beyond the China market, the sources said.

We’re confused. Doesn’t China already own a big part of General Motors? After all, wasn’t GM (or rather the UAW’s pension fund) ‘bailed out’ with China’s money?

In any case, what a dream come true this is. We now have what was once America’s foremost capitalist company owned by communists of one stripe or another: the Chinese, the United Auto Workers — and, of course, Mr. Obama.

Any agreement between GM and SAIC would need Chinese government approval and could still fall apart, the sources cautioned.

One person familiar with the matter said previously that SAIC had initially reached out to GM to explore the prospect of taking a "single-digit" stake in GM. The size of SAIC’s prospective investment was not known.

The final round of talks have been led by SAIC Vice Chairman Chen Hong and could conclude as soon as the weekend, that source said.

The sources were not authorized to speak with the media and declined to be named because the talks are private. Representatives for GM and SAIC declined to comment.

Given that Obama General Motors is supposedly "owned" by the US taxpayer – at least on paper – you would think we would have a right to know. But, apparently, you’d be mistaken.

Still, what a great joke it will be on the UAW when their jobs are shipped off to China.

This article was posted by Steve on Thursday, November 11th, 2010. Comments are currently closed.

6 Responses to “Chi-Coms Close To Buying ‘Stake’ In GM”

  1. heykev says:

    GM gets much of their profits from China. So am guessing they were told that they must sell part of their business to a Chinese “partner”.

    Here’s two interesting things about the Chinese automotive industry/market.
    1. In 2009 China surpassed the U.S. as the largest car market worldwide.
    2. There are a couple of Chinese auto manufacturers who are beginning the approval process – crash tests, mileage tests, etc. and setting up preliminary networks for their cars. They had booth space at the Chicago Auto show, but backed out at last minute. Will be interesting to see what happens in a few years. Maybe something like Korean cars. When they entered the market, were crap. Now…good cars that rival almost anyone’s.

  2. proreason says:


    At one time, automotive technology was a key factor in national security.

    It isn’t any longer.

    But this makes me think that dorm room boy still has that in mind.

    • heykev says:

      Believe the ChiCom’s own National Security too. Clinton let them have many secrets and let them buy out our ball bearing industry.

      Now Berry is commiditizing the debt so that our currency will be worthless because of inflation. I am hard pressed to think of anything we make that the cannot as well or better. Except aircraft…for now.

    • Liberals Demise says:

      The only reason China has a rocket / missile program is because Bubba ‘the womanizer’ Clinton sold them the gyros that keep their rockets from tumbling.
      Now………. there is a traitor for you!

  3. GetBackJack says:

    Variously attributed to Lenin, Stalin, Kruschev, et al but absolutely true nonetheless …

    “You will sell us the rope we will hang you with”.

    I pondered on this maxim for a number of years until I got involved on Wall Street. Then I understood it. Selling our debt obligations (rope) to our enemies.

    And they will hang us with them.

  4. Mae says:

    With Nancy putting The DREAM Act back on the front burner (it’s rumored that the vote will be next week) all foreigners here illegally and attending school or volunteering for the U. S. military, plus a whole bunch of others not specifically ruled out, the 2012 election is already decided for Obama. China is his partner in the downfall of the U. S. When those GM jobs are shipped to China, no Americans will get to go there with them. Look for UK and Greek style riots, martial law declared, assistance from the Chinese military services, God knows what else. Yeah, I’m making that up…or am I? Prescient?

« Front Page | To Top
« | »