General Motors is closing its factory in Shenyang, located in northeastern China, this month, according to Reuters. This is part of the company's restructuring in the Chinese market.
This factory produced Buick GL8 minivans and Chevrolet Tracker crossovers for the Chinese market. A source confirming the information about the factory's closure did not disclose their name.
GM is reorganizing its business as state-supported local automakers are leading in the Chinese market. The Detroit company estimated the costs related to restructuring in China at $4 billion last quarter.
At an auto conference held in New York last week, GM CEO Mary Barra emphasized that the company's future in China will be linked to Cadillac, Buick, and premium-import vehicles.
“These vehicles are in demand among certain Chinese consumers, and we can import them and run a successful business,” said Barra.
GM produces Buick, Chevrolet, and Cadillac vehicles in China in partnership with SAIC Motors.
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