GM China JV exports vehicles under Chevrolet brand

SHANGHAI Aug 13 (Reuters) - General Motors Co [GM.UL] said on Thursday its commercial vehicle venture in China has signed an initial deal to export Wuling vehicles under the Chevrolet brand to emerging markets in South America, the Middle East and North Africa.

Under a framework agreement, SAIC-GM-Wuling's Wuling N200 series and N300 series vehicles will be sold in these markets through GM's distribution networks, the Detroit automaker said in a statement.

"This is an important example of how the new General Motors Company is leveraging our global resources at the local level," said Kevin Wale, president and managing director for GM's China operations.

SAIC-GM-Wuling, a three-way tie-up between GM, SAIC Motor Corp (600104.SS) and Liuzhou Wuling Automobile, began exporting Wuling N200 vehicles to Peru under the Chevrolet brand in July 2008, it said.

SAIC-GM-Wuling, 50.1 percent controlled by SAIC, has been an increasingly important growth driver for the U.S. automaker in China.

It sold 87,925 vehicles in July, up 90.7 percent from a year earlier helped by Beijing's stimulus initiatives, including subsidies for buyers in rural areas.

GM, which currently owns 34 percent of SAIC-GM-Wuling, has been seeking to increase its holding in the venture.

Local media reported on Thursday that GM had secured an initial deal to take over Liuzhou Wuling Auto's 15.9 percent stake for roughly 300 million yuan ($43.90 million), but GM's spokeswoman in China said no agreement had be signed.

GM also operates a car venture in Shanghai with SAIC, making Buick, Chevrolet and Cadillac models. ($1=6.834 Yuan) (Reporting by Fang Yan and Jacqueline Wong)