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.

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