April 28, 2005
The Fair Trade Commission granted approval for the plan of Yulon Motors and General Motors China to jointly establish a subsidiary in Taiwan. Under this plan, Yulon Motors will hold a 51% stake in the new subsidiary and GM will control the remaining 49%.
The subsidiary, to be named Yutung Motors in Chinese, will be responsible for sales of GM import models in Taiwan. It will also sign contracts under which Yulon Motors will manufacture vehicles in Taiwan on behalf of GM.
Yulon Motors, which has earned a strong reputation as an innovator for both manufacturing and marketing, is a firmly-established leader in Taiwan's auto industry. It manufactures and sells Nissan vehicles in Taiwan and has been running successful manufacturing and sales operations in China and the Philippines for years now. The auto company has also made pioneering moves in bringing automobile-based high tech products, including its own GPS navigation system and audio/visual entertainment systems, to the market on a large scale.
(Central News Agency)
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