The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan in this file photograph taken August 25, 2009. [Photo/Agencies]
SHANGHAI - Shanghai GM, a joint venture between SAIC Motor and General Motors, said on Monday that it will invest 100 billion yuan ($16 billion) between 2016 and 2020.
At the Shanghai Auto Show, the company announced 10 new models each year during the five-year period. At least 10 of which will be new energy vehicles.
In its 2020 strategy, it plans to have a more than 10 percent share of the world's largest auto market with 40 product lines.
By 2020, it also plans to cut fuel consumption in its vehicles by 25-30 percent. Consumption has already been cut by 13.5 percent from the 2009 level.
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