U.S. automaker General Motors said it would move its Asian headquarters from Shanghai to Singapore in 2014 to adjust to demand from emerging markets.
The move does not constitute an abandonment of Shanghai or, for that matter, South Korea. The Wall Street Journal reported Wednesday that GM intends to keep 250 out of 300 employees in Shanghai. In addition, the company's 245 employees in South Korea would stay where they are, the Journal said.
The new headquarters, however, "will help us to create a renewed identity for Consolidated International Operations and lead GM's umbrella strategy for the region," said Stefan Jacoby, director of GM's CIO division.
The move reflects GM's recently announced decision to create a stand-alone division in China, where 30 percent of its vehicles were sold in 2012.
The move allows the company to focus on China and to develop other markets with two singularly focused divisions.
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Original headline: GM to create new headquarters in Singapore
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