REFILE-GM teams with partner SAIC to tap China used-car market

(Refiles to make clear in second paragraph that tie-up is with
GM China)

BEIJING, Oct 28 (BestGrowthStock) – General Motors [GM.UL] and its
long-time Chinese partner, SAIC Motor Corp (600104.SS: ), are
teaming up again to tap the used car business in the world’s
largest auto market.

GM China and its car venture with SAIC each holds a 33
percent stake in Shanghai Chengxin Used Car Operation and
Management Co, with SAIC subsidiary, Shanghai Automotive Industry
Sales Co, holding the remainder, the Detroit automaker said in a
statement on Thursday.

Shanghai Chengxin will open shops in Beijing and other cities
in eastern and southern China, with four facilities expected to
start operations next year, it said.

Used cars available at the facilities include Buick,
Chevrolet, Cadillac brands as well as non-GM models, it added.
(Reporting by Fang Yan and Ken Wills)

REFILE-GM teams with partner SAIC to tap China used-car market