Shanghai GM To Invest $16 Billion In The Next 5 Years As It Seeks Chinese Market Share Of 10%
(Reuters) -- Shanghai General Motors Co. Ltd., a joint venture between the American General Motors Co. and the Chinese SAIC Motor Corp. Ltd. plans to spend 100 billion yuan ($16.14 billion) over the next five years to develop new vehicles, Shanghai GM President Wang Yongqing said 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 Auto Shanghai 2015 exhibition, whose associated events get under way Monday.
(Reporting by Jake Spring; Editing by Lee Chyen Yee and David Goodman)
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