February 10, 2009

GM Forms New China Venture, Cuts Jobs Worldwide

As GM announced a further 10,000 jobs reduction worldwide it is reportedly in talks with the Chinese FAW (First Auto Works) conglomerate on a new joint venture to build light commercial vehicles. It would be FAW's first foreign venture in the commercial vehicle sector. GM is not denying reports but saying they are "inaccurate" and the JV is far from being finalized...

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