GM’s burning its way through a reported $1b per month. So shelling-out $250m on a new research and development campus in Shanghai is no biggie. And here’s some PC for your PC: a significant part of the new research facility will focus on developing new green and alternative energy technology (whatever green means). When fully operational in 2009, the new facility will employ some 2500 people. And for those of you inclined to say “yeah right,” General Motors’ Asia Pacific President Nick Reilly says any problems in the Chinese market are all in your head. “Reilly attributed the downturn in the auto market to the Beijing Olympics in August, a sharply declining Chinese stock market, and an increase in fuel prices in June,” the GM suit told CNN Money. “But he added that ‘underlying demand is still there.’ Reilly said he expects vehicle sales to return to double-digit growth this month or next. He said he expects China’s auto market to maintain 10% to 15% growth after this year, without elaborating.” Elaboration? We don’t need no stinkin’ elaboration!
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