China Reportedly Picks GM for Car Venture: Chinese automobile industry officials will pick General Motors Corp. over Ford Motor Co. as their partner in a venture to build sedans in China, the Asian Wall Street Journal reported, citing an unnamed Chinese official. The project, a joint venture with Shanghai Automotive Industry Corp., which could be worth up to $1 billion, was China's most-prized joint venture. Executives at GM and Ford did not comment. U.S. auto makers recently lost out to Germany's Mercedes-Benz on a major auto project in China.
Times Staff and Wire Reports
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