HONG KONG Oct 21 General Motors Corp [GM.UL]
said on Thursday it will export a low-end car it developed for
China to Latin America, becoming the first international brand to
use its China operations to tap growth in emerging markets.
Shanghai GM, a venture between GM and China's SAIC Motor Corp
6000104.SS, started to export Chevrolet New Sail autos on
Thursday to Chile, the company said in a statement.
Rolled out in January in China, the New Sail, which comes
under GM's Chevrolet brand, was priced as low as 56,800 yuan
($8,540), competing with domestic names like Geely Automobile
Holdings (0175.HK) and Chery Automobile, which have developed a
reputation for making cheap cars for price-sensitive buyers.
"The New Sail is the first locally developed and manufactured
passenger car from an international brand to be exported," Terry
Johnsson, Shanghai GM vice president of vehicle sales, service
and marketing, said in a statement.
"It represents a breakthrough in our strategy to create
products for China and other emerging markets," he said.
Plans are in place to sell the small family sedan to
additional markets in South America, North Africa and the Middle
East, Shanghai GM said.
Foreign automakers have been enjoying success in China, which
surpassed the United States last year to become the world's
largest auto market, and dominated the country's lucrative
medium-to-high end segment.
However, analysts say more multi-national brands will be
tempted to move towards the lower-end market, which provide a
(Reporting by Alison Leung; Editing by Ken Wills)