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GM to set up $250 million research center in China |
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BEIJING (Reuters) - General Motors, one of the world's top two automakers, will open a $250 million scientific research center in China, Chief Executive Rick Wagoner told reporters in Beijing today.GM makes cars in China with the mainland's biggest car maker SAIC Motor Corp.GM's global sales rose to a record 2.38 million vehicles in the third quarter of 2007, but sales in North America, which accounts for 44 percent of sales and is its largest market, fell 6 percent.The overseas growth comes as GM has lost more than $12 billion in the past two years, and is in the midst of a sweeping restructuring that includes cutting more than 34,000 jobs and closing 12 plants in North America.
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