DETROIT -- General Motors Co. and its Shanghai General Motors joint venture signed a two-year deal today worth $900 million that would allow the Detroit automaker to export Cadillac, Buick and Chevrolet vehicles and components to China.
The vehicle exports are valued at $500 million and the component exports are valued at $400 million, the automaker said.
China is now GM's largest market. The automaker sold 2.35 million vehicles in China last year, up 29 percent from 2009. Shanghai GM, a joint venture between GM and large Chinese automaker, SAIC Motor Corp., posted sales of 1.03 million.
The agreement is part of a series of new trade and investment pacts tied to the visit of Chinese President Hu Jintao to the United States this week.
GM China Group Vice President David Chen signed the agreement today in Chicago.
"GM fully supports a mutually beneficial, open and productive trade environment, which can bring a win-win outcome to all parties involved,” Kevin Wale, president of the GM China Group, said in a statement. “We are committed to working with both countries to promote bilateral trade.”