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GM denies bailout funds went to China

May 6, 2013 at 2:59 PM   |   Comments

DETROIT, May 6 (UPI) -- General Motors on Monday refuted a columnist's claims that its operations in China benefited from the U.S. taxpayer-funded bailout.

"Speculation over the possible loss of GM jobs or technology to China is simple fear mongering, offered without evidence because it doesn't exist," wrote TM vice president for corporate communications Selim Bingol in a letter to the Wall Street Journal.

The Detroit Free Press reported Monday the brouhaha began with an opinion article in the Journal that claimed GM invested in its China operations despite the U.S. bailout provided by the federal government after it declared bankruptcy in 2009.

The opinion piece, written by Edward Niedermeyer, was titled, "Welcome to General Tso's Motors."

Bristol said GM plans to invest $16 billion in its U.S. operations by 2016, the Free Press reported.

He said investments made in its China joint ventures come from sales in China.

GM sold 261,870 vehicles in April in China and 237,646 in the United States.

Shanghai GM joint venture sales rose 29 percent in April to 121,559 from a year earlier while its SAIC-Wuling joint venture experienced a sales gain of 6 percent to 134,815.

Concurrently, the Treasury Department said Monday it would proceed with a sales of its remaining 241.7 million common GM shares, as it continues to wind down the Trouble Asset Relief Program.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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