Part 3/11:
Initially framed as a mutually beneficial joint venture, GM’s relationship with SAIC would soon reveal itself to be one of exploitation and systemic betrayal. For a mere $85 million—a fraction of the value—SAIC acquired controlling interest over GM’s Chinese operations, essentially sealing GM’s fate.
The Golden Share Gambit
This partnership allowed SAIC to gain access to GM's advanced technology while slowly tightening its grip on GM's operations. In the aftermath of the financial crisis, GM’s pursuit of captive cash flow blinded its decision-makers to the long-term implications of handing over U.S. automotive technology to a state-owned Chinese entity.