From Reuters via CNBC.com:
General Motors Corp will need to offer small vehicles at very low prices to reach first-time car buyers in China and hit the fastest-growing segment of the industry’s biggest boom market, a senior executive said on Friday.
“Companies like GM can’t sit back and say we don’t want to compete in these lower cost markets,” said Nick Reilly, president of GM’s Asia Pacific operations. “We are working quite hard to be able to compete in these lower cost markets.”
Reilly, speaking at an industry conference ahead of the Beijing Auto Show, said GM had to consider offering vehicles as low as about $4,000 in order to capture the wave of first-time car buyers.