General Motors 2011 Annual Report Download - page 18

Download and view the complete annual report

Please find page 18 of the 2011 General Motors annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 200

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200

GENERAL MOTORS COMPANY AND SUBSIDIARIES
increasingly leverage our global architectures to increase the number of nameplates under the Buick, Chevrolet and Cadillac brands in
China and continue to grow our business under the Baojun, Jiefang and Wuling brands. We operate in Chinese markets through a
number of joint ventures and maintaining good relations with our joint ventures partners, which are affiliated with the Chinese
government, is an important part of our China growth strategy.
The following table summarizes our direct ownership interests in our Chinese joint ventures, collectively referred to as China JVs:
Successor
December 31, 2011 December 31, 2010
Shanghai General Motors Co., Ltd. (SGM) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49% 49%
ShanghaiGMNorsomMotorCo.,Ltd. .............................................. 25% 25%
ShanghaiGMDongYueMotorsCo.,Ltd. ............................................ 25% 25%
ShanghaiGMDongYuePowertrain ................................................ 25% 25%
SAIC-GM-Wuling Automobile Co., Ltd. (SGMW) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44% 44%
FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM) . . . . . . . . . . . . . . . . . . . . . . . . . 50% 50%
Pan Asia Technical Automotive Center Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50% 50%
ShanghaiOnStarTelematicsCo.,Ltd. ............................................... 40% 40%
Shanghai Chengxin Used Car Operation and Management Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . 33% 33%
SAICGeneralMotorsSalesCo.,Ltd................................................. 49%
(a) Ownership interest in SGM was 49% in the period February 1, 2010 through December 31, 2011 and 50% in the month of
January 2010.
(b) Ownership interest in SGMW was 44% in the period November 16, 2010 through December 31, 2010 and 34% in the period
January 1, 2010 through November 15, 2010.
The following tables summarize certain key operational and financial data for the China JVs (dollars in millions, vehicles in
thousands):
Year Ended
December 31, 2011
Year Ended
December 31, 2010
Year Ended
December 31, 2009
Total wholesale vehicles (a) ........................................ 2,573 2,348 1,824
Market share (b) ................................................. 13.6% 12.8% 13.3%
Total net sales and revenue ......................................... $30,511 $25,395 $18,098
Net income ..................................................... $ 3,203 $ 2,808 $ 1,636
December 31, 2011 December 31, 2010
Cash and cash equivalents .......................................... $ 4,679 $ 5,247
Debt ........................................................... $ 106 $ 61
(a) Including vehicles exported to markets outside of China.
(b) Market share for China market.
Automotive Financing Strategy
Our automotive financing strategy centers around ensuring that our dealers and customers have consistently available, transparent
and competitive financing options throughout the business and credit cycles.
Historically Ally Financial, Inc. (Ally Financial) has provided a majority of the financing for our dealers and a significant portion of
the financing for our customers in the U.S., Canada and other major international markets where we operate. Ally Financial
historically has been our exclusive financing partner for incentivized retail financing programs in our major markets. Ally Financial
continues to provide the majority of the financing needs of our dealers and customers.
16 General Motors Company 2011 Annual Report