General Motors Company (NYSE: GM) is rolling out a startup-like import unit that would focus on China’s high-end market, CnEVpost reported on Tuesday, citing a company executive.
What Happened: The new business — focused on importing high-end vehicles to China — would enjoy a "high degree of autonomy and be fully independent to respond quickly to the needs of the Chinese market," CnEVPost reported based on the comments of GM China President Julian Blissett, made to a local daily.
The niche unit is likely to take on the likes of Tesla Inc (NASDAQ: TSLA) and Nio Inc (NYSE: NIO) that also cater to the high-end segment in China’s growing electric vehicle market.
Detroit, Michigan-based GM also plans to make a million electric vehicle units in China by 2025 and launch more than 20 EVs in the country.
GM did not respond to Benzinga's request for comment at press time.
See Also: Elon Musk Says Tesla Is Not Currently Working On The $25,000 Compact Car — Here's Why
Why It Matters: GM plans to transition to an all-electric portfolio by 2035. The legacy automaker is spending $35 billion through 2025 towards scaling up electric and autonomous vehicles capabilities.
The company also aims to have a global lineup of 30 EVs by that time. By 2030, it aims to have more than half of its factories in China and North America to be capable of EV production.
Price Action: GM stock closed 6% lower at $39.8 a share on Monday.
Photo Courtesy: General Motors Co
