He also said the timing of any GM IPO depends on when the firm returns to profitability.
CHINESE PROBE
Meanwhile, a Chinese anti-dumping and subsidy probe into US carmakers that followed a US levy on China-made tires involves US$1.97 billion worth of goods, Chinese Commerce Ministry spokesman Yao Jian (姚堅) said yesterday.
China can impose “provisional measures” against automakers including GM and Ford Motor Co after 60 days from the time the investigation began on Nov. 6, with a final ruling in 12 months, Yao said, without providing specifics.
The announcement shows the scope of the probe that was first revealed on Oct. 29 by Chinese Commerce Minister Chen Deming (陳德銘) during a meeting with US officials. The Obama administration on Sept. 11 levied a 35 percent duty on US$1.8 billion of China-made tires.
China and the US, with US$409 billion of trade between them, have swapped complaints about steel, poultry and tires as calls to protect jobs intensified during the worst economic crisis since the Great Depression.
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