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May 2004 Risk in China Pays Off for GM
This year General Motors will roll out 29 new products—the largest number of introductions ever—as the world's largest manufacturing company works to retain its leading position, CEO Richard Wagoner told a standing-room-only Business School audience. GM has made product development more global and less regional, said Wagoner, who three years ago became the youngest CEO in the firm's history. Seven years ago, GM had only 1 percent of the market share in China and was debating whether to invest $250 million to partner with a mid-size car company. At the time, it seemed like a gamble, mainly because GM wasn't sure mid-size cars would sell well in China. But GM took the bet, and the Chinese car market has been growing at about 30 percent annually, giving GM more than 10 percent of the Chinese car market. Wagoner predicts China will become the No. 2 market for Cadillac. |
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