GM Claims Profitable Operations In China.

GM Claims Profitable Operations In China.

AFP (11/12) reported, "General Motors (GM) said on Nov. 12 that it was making money in China and was continuing its investments in the large Asian market." A Shanghai-based spokesman "said that various investment projects GM had committed itself to in the past were 'all on target and on track,'" and that GM is "not withdrawing or holding back any investment in China." Notably, also "on Nov. 12, GM chief executive Rick Wagoner said the U.S. auto maker was in such dire financial straits that it needed to line up a federal aid package before president-elect Barack Obama took office in January." The company "has said it needs cash reserves of between $11 and $14 billion to cover the cost of its operations.