Shanghai GM to spend $16 billion developing new vehicles

By on April 19, 2015

SHANGHAI (Reuters) – Shanghai GM, a three way partnership between Basic Motors (GM.N) and Chinese Language automaker SAIC Motor Corp (600104.SS), plans to spend 100 billion yuan ($ Sixteen.14 billion) over the following 5 years to advance new automobiles, Shanghai GM President Wang Yongqing stated on Sunday.

The Industry targets to launch 10 “new-vitality models” because it seeks to establish a 10 p.c share of the Chinese Language market, Wang told journalists ahead of the Shanghai autoshow, which starts offevolved on Monday.

(Reporting by Jake Spring; Enhancing through Lee Chyen Yee and David Goodman)


Reuters: Industry Information

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