GM buys Shandong factory

The China unit of US car giant General Motors is buying Yantai Bodyshop Corp in Shandong province for Yn900m to double the production capacity of its cars in China, Shanghai Daily said. GM and Shanghai Automotive Industry Corp Group will each own 25 per cent of the new plant, while their joint venture Shanghai General Motors will own 50 per cent and oversee the plant's management. The plant, with an annual production capacity of 100,000 units, will initially produce the compact Buick Sail model.