GM makes its intentions clear on exiting India and S African retail markets,
-the latest steps in a strategy of focusing cash and engineering effort on fewer, more profitable markets.
- has found it increasingly expensive to compete in emerging markets outside of China.
- GM is developing with its Chinese partner Shanghai Automotive Industries Corp, remains on track to account for about 2 million vehicles a year in global sales volume, mainly in Latin America, Mexico and China
- it will take a $500 million charge in the second quarter to restructure operations in India, Africa and Singapore. It will cancel most of a planned $1 billion investment to build a new line of low-cost vehicles in India
- About $200 million of the charge will be a cash expense. The moves are expected to save $100 million a year in a sector of GM's global business that last year lost about $800 million AN