Published 2 years ago

General Motors calls off plan to sell India car plant to China's Great Wall

Summary by Ground News

GM struck a deal in January 2020 to sell the plant to Great Wall Motor Ltd. Chinese SUV maker expected to pay up to US$300 million as part of a broader plan to invest US$1 billion to establish a presence in India's growing auto market. The agreement, which was extended twice, expired on Thursday.

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WION

General Motors calls off plan to sell India car plant to China's Great Wall

GMs deal with Great Wall was agreed just months before India toughened its stance in April 2020 on investment from neighbouring countries including China, making them the first major casualty of the move that has held up billions of dollars of capital inflow in sectors such as automobiles and technology.

2 years ago·Noida, India

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Business Standard

General Motors ends deal to sell India plant to China's Great Wall Motor

GM had twice extended the terms of the deal to close the sale as the two sides waited for a green light from the Indian government

2 years ago·India

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Taipei Times

GM calls off India plant sale to Great Wall

General Motors (GM) yesterday said it had called off the sale of a shuttered Indian plant to China’s Great Wall Motor Ltd (長城汽車) after they failed to obtain regulatory approvals, amid a tougher stance by New Delhi toward investments from Beijing. GM struck a deal in January 2020 to sell the plant to Great Wall, with the Chinese SUV maker expected to pay up to US$300 million as part of a broader plan to invest US$1 billion to establish a presence…

2 years ago·Taipei, Taiwan

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DNA India

General Motors calls off sale of shuttered Indian plant to Chinese automaker

GM struck a deal in January 2020 to sell the plant to Great Wall, with the Chinese SUV-maker expected to pay up to $300 million.

2 years ago·New Delhi, India

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Business Today

General Motors calls off plan to sell India car plant to China's Great Wall

This will also send Great Wall back to the drawing board on its plans to enter India, which it considered an important part of its global strategy to break into new markets like Latin America, Thailand and Brazil.

2 years ago·India

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