AUTOS

GM Signs Pact for China Joint Venture: The Detroit auto maker said it signed a “base agreement” for a car-building venture that could exceed $1 billion in total investment. The General Motors Corp. announcement marked the first official confirmation that it had beat archrival Ford Motor Co. for the hotly contested deal with China’s state-controlled Shanghai Automotive Industry Corp. Word of GM’s victory had begun circulating last week. GM said the agreement, subject to further studies and talks, could include an assembly plant able to produce 100,000 mid-size cars a year, an engine and transmission plant and a technical development center.