Shanghai GM to invest $16 billion to develop new vehicles
By Reuters
Apr 19, 2015 09:11 AM EDT
Regions
Shanghai GM, a joint venture between General Motors (GM.N) and Chinese automaker SAIC Motor Corp (600104.SS), plans to spend 100 billion yuan ($16.14 billion) over the next five years to develop new vehicles, Shanghai GM President Wang Yongqing said on Sunday.
The business aims to launch 10 "new-energy models" as it seeks to establish a 10 percent share of the Chinese market, Wang told reporters ahead of the Shanghai autoshow, which begins on Monday.
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