Shanghai GM to spend $16 billion developing new vehicles

April 19, 2015 12:53 PM

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Shanghai GM to spend $16 billion developing new vehicles

SHANGHAI (Reuters) - Shanghai GM, a joint venture between General Motors (GM.N) and China's SAIC Motor Corp (600104.SS), plans to spend 100 billion yuan ($16 billion) over the next five years developing new vehicles, Shanghai GM President Wang Yongqing said on Sunday.

The automaker will use that money for 10 new or upgraded models a year until it has roughly 40 product lines as it tries to corner at least 10 percent of the Chinese market, Wang told reporters before the Shanghai autoshow, which starts on Monday.

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