net_left adver left
Detail

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

By Aditi Shah NEW DELHI (Reuters) - General Motors (NYSE:GM) said on Friday it had called off the sale of a shuttered Indian plant to China's Great Wall Motor after they failed to...
GM calls off plan to sell India car plant to China's Great Wall © Reuters. FILE PHOTO: The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo

By Aditi Shah

NEW DELHI (Reuters) - General Motors (NYSE:GM) said on Friday it had called off the sale of a shuttered Indian plant to China's Great Wall Motor after they failed to obtain regulatory approvals, amid a tougher stance by New Delhi towards 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 $300 million as part of a broader plan to invest $1 billion to establish a presence in India's growing car market.

The agreement, which was extended twice, expired on June 30.

"We have been unable to obtain the required approvals within the time frame of the deal," George Svigos, executive director, communications, GM International, told Reuters.

"Our strategy in India remains unchanged and we will now explore further options for the sale of the site," he said, adding the company "hopes to achieve a price that reflects the value of the asset".

Great Wall and the Indian government did not immediately respond to emails seeking comment.

GM's 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.

This was part of a broader crackdown by India on businesses with Chinese links amid worsening diplomatic relations. Separately, New Delhi also banned more than 300 Chinese mobile apps, including TikTok, over security concerns.

The move draws a line under a more than two-year effort by GM and Great Wall, forcing the U.S. firm to restart its hunt for a buyer while it continues to spend money on maintaining some machinery and tooling in the factory.

Asked if the plant could be used to make electric vehicles, Svigos said it was suitable for a number of industrial uses, including by non-automotive companies, and GM would explore all options.

GM, which stopped selling cars in India at the end of 2017, has already sold its other plant to SAIC Motor Corp, where the Chinese automaker builds cars under its British brand, MG Motor.

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.

Last year, Great Wall re-allocated to Brazil a portion of its $1-billion investment earmarked for India and reassigned some of its staff after delays in winning government approvals.

HOT AUTO TRADE BOT SOFTWARE adver right
APPROVED BROKERS
net_home_top HOT AUTO TRADE BOT SOFTWARE
20-08-2022 03:47:05 (UTC+7)

EUR/USD

1.0042

-0.0046 (-0.46%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (4)

EUR/USD

1.0042

-0.0046 (-0.46%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (4)

GBP/USD

1.1825

-0.0105 (-0.88%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (0)

Sell (10)

USD/JPY

136.89

+1.01 (+0.74%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (11)

Sell (0)

AUD/USD

0.6878

-0.0040 (-0.58%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (2)

USD/CAD

1.2996

+0.0049 (+0.37%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

EUR/JPY

137.46

+0.38 (+0.27%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

0.9626

-0.0026 (-0.27%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (6)

Gold Futures

1,761.10

-10.10 (-0.57%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

Silver Futures

18.975

-0.489 (-2.51%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (6)

Copper Futures

3.6698

+0.0383 (+1.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Crude Oil WTI Futures

89.95

-0.55 (-0.61%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Brent Oil Futures

95.77

-0.82 (-0.85%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

Natural Gas Futures

9.281

+0.093 (+1.01%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

US Coffee C Futures

216.20

+1.50 (+0.70%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (9)

Euro Stoxx 50

3,730.32

-47.06 (-1.25%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (2)

S&P 500

4,228.48

-55.26 (-1.29%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (5)

DAX

13,544.52

-152.89 (-1.12%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (1)

FTSE 100

7,550.37

+8.52 (+0.11%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (2)

Hang Seng

19,773.03

+9.12 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (4)

US Small Cap 2000

1,958.83

-41.90 (-2.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (1)

IBEX 35

8,338.10

-92.20 (-1.09%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

BASF SE NA O.N.

43.035

-0.405 (-0.93%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (10)

Sell (0)

Bayer AG NA

54.40

+0.34 (+0.63%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (10)

Allianz SE VNA O.N.

176.02

-2.50 (-1.40%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (7)

Adidas AG

165.60

-1.92 (-1.15%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

Deutsche Lufthansa AG

6.275

-0.291 (-4.43%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (4)

Sell (2)

Siemens AG Class N

108.20

-2.06 (-1.87%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

Deutsche Bank AG

8.496

-0.372 (-4.19%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (4)

Sell (3)

 EUR/USD1.0042Sell
 GBP/USD1.1825Neutral
 USD/JPY136.89↑ Buy
 AUD/USD0.6878↑ Buy
 USD/CAD1.2996↑ Sell
 EUR/JPY137.46↑ Buy
 EUR/CHF0.9626↑ Sell
 Gold1,761.10↑ Buy
 Silver18.975↑ Sell
 Copper3.6698↑ Buy
 Crude Oil WTI89.95↑ Sell
 Brent Oil95.77↑ Sell
 Natural Gas9.281Buy
 US Coffee C216.20↑ Sell
 Euro Stoxx 503,730.32↑ Buy
 S&P 5004,228.48↑ Sell
 DAX13,544.52Neutral
 FTSE 1007,550.37↑ Buy
 Hang Seng19,773.03Neutral
 Small Cap 20001,958.83↑ Buy
 IBEX 358,338.10↑ Buy
 BASF43.035↑ Buy
 Bayer54.40Sell
 Allianz176.02↑ Sell
 Adidas165.60↑ Sell
 Lufthansa6.275Buy
 Siemens AG108.20↑ Sell
 Deutsche Bank AG8.496Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,700
(0/ 0) # 1,734
SJC HCM6,620/ 6,720
(0/ 0) # 1,753
SJC Hanoi6,620/ 6,722
(0/ 0) # 1,755
SJC Danang6,620/ 6,722
(0/ 0) # 1,755
SJC Nhatrang6,620/ 6,722
(0/ 0) # 1,755
SJC Cantho6,620/ 6,722
(0/ 0) # 1,755
Cập nhật 20-08-2022 03:47:07
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,746.88-11.69-0.66%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$89.59+0.670.74%
Brent$95.73+0.280.30%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.235,0023.545,00
EUR22.981,7524.268,73
GBP27.175,3928.334,31
JPY167,13176,93
KRW15,2618,59
Cập nhật lúc 18:54:07 19/08/2022
Xem bảng tỷ giá hối đoái
adver main right