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In a recent survey jointly conducted by The British Council and a China daily, 84% of young Chinese want to purchase a car (despite the fact that 80% of them are concerned with global warning).General Motors Corporation (NYSE: GM) hopes to capitalize on that 84%. Shanghai General Motors' joint venture with Shanghai Automotive have announced the creation of interest-free car loans, as they fight for additional market share in the competitive Chinese market. In the first six months of 2007, General Motor brands have lagged in China behind the sales increases for passenger vehicles. Sales for Shanghai GM were up 12%, while overall car sales in China climbed 26%.
The "Buick Elite Wealth-Management Program," as its called, will try to lure buyers into financing in a nation where many prefer to buy cars with cash. GM officials said they were unaware of the initiative before it was announced to the Chinese media, the Wall Street Journal reported.
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