Shanghai GM invest 16 billion USD in development of new vehicles

Noam Stiekema

Shanghai GM invest 16 billion USD in development of new vehicles. The joint venture between American General Motors and China’s SAIC Motor Corp, plans to invest 100 billion CNY over the next five years. The automaker will use these funds for 10 new or updated models per year, although there are more than 40 product […]

Shanghai GM cars

Shanghai GM carsShanghai GM invest 16 billion USD in development of new vehicles. The joint venture between American General Motors and China’s SAIC Motor Corp, plans to invest 100 billion CNY over the next five years. The automaker will use these funds for 10 new or updated models per year, although there are more than 40 product lines in an attempt to capture at least 10% of the Chinese market.

Both brands – Buick and Chevrolet, will surpass 1 million sales per year by 2020, said the CEO of the joint-venture Wang Yongqing at a press conference. Shanghai GM will spend 26.5 billion CNY for environmentally friendly products, including the 10 “new energy model” – traditional and plug-in hybrids by 2020. Moreover, he said the company will reduce fuel consumption in cars by 25-30%.

“In terms of new energy, we are keen on energy efficiency and emission control and are committed to implement it in our portfolio”, said chairman of Shanghai GM.

Read this next

Digital Assets

Crypto.com expands its presence in Turkey with new products

Crypto.com, a Hong Kong-based cryptocurrency exchange platform, is set to accelerate its growth in Turkey, singling out the country as a market with huge potential.

Digital Assets

Binance buys Japanese crypto exchange Sakura BitCoin

Binance, the world’s largest crypto exchange by traded volume, has made a fresh bid to enter Japan with the acquisition of Japanese-registered crypto exchange service provider Sakura Exchange BitCoin (SEBC). The financial terms of the transaction were not disclosed.

Industry News, Inside View

Viacheslav Taran: FX and Crypto industry mourns death of Libertex Group co-founder

FinanceFeeds reports with great sadness that Viacheslav Taran, Co-Founder of Libertex Group, passed away last Friday. 

Digital Assets

FTX founder SBF called to testify by Texas regulator

The Texas State Securities Board (TSSB) has called on Sam Bankman-Fried to testify during an administrative hearing scheduled for Feb. 2, 2023. The move marks yet another expansion of enforcement agencies’ probes into FTX’s activities following its insolvency.

Digital Assets

Despite FTX chaos, Italy welcomes crypto lender Nexo

Crypto lender Nexo has won regulatory approval from Italy’s financial regulators, allowing the exchange to continue serving Italian customers.

Institutional FX, Interviews

ION Markets for execution and clearing: Francesco Margini at FIA EXPO 2022

The CPO of Cleared Derivatives at ION Markets spoke about the need for automated execution and clearing in times of surging volumes and increased volatility.

Institutional FX

FIA EXPO 2022: Baton Systems President on building post trade rails for capital markets

As the world’s largest trade show for the listed derivatives dealers, the FIA Futures and Options Expo is a high point for the global cleared swaps community, with dozens of panels, educational sessions, networking opportunities and more.

Inside View

Olga Taran releases public statement in Monaco regarding “false accusations” against her late husband Viacheslav

Vyacheslav Taran, 53, founder of Forex Club and CEO of Libertex Group, was the sole passenger of a helicopter that crashed in Villefranche-sur-Mer this weekend. The helicopter crash is still under investigation, and authorities have not indicated any possibility of foul play.

Industry News

Brokeree Solutions Wins the “Best Emerging Fintech” Award

2022 has become, for Brokeree Solutions, a time of new inventions and developments. We are pleased that the industry has appreciated this emergence of new technologies

<