GM to invest $5bn on new Chevrolet for emerging markets
by Agency staff,
2015-07-28 16:12:47.0
NEW YORK — General Motors (GM) announced plans on Tuesday to invest $5bn to introduce a new family of cars under the Chevrolet line targeting emerging markets, co-developed by Chinese partner SAIC Motor.
The largest US car maker expects to manufacture and sell the vehicles in China, Brazil, India and Mexico and export the cars to other emerging countries. The first entry is expected in the 2019 model year, and the programme is anticipated to grow to more than 2-million vehicles annually.
The core architecture and engine of the new vehicles are being jointly developed with state-owned SAIC, a leading Chinese car maker and a partner of GM on major joint ventures in the world’s second-largest economy.
GM expects the new Chevrolet line to replace several existing offerings and that the programme will benefit from global economies of scale, as well as the purchase of car parts on a local level.
"With a significant majority of anticipated automotive industry growth in 2015 to 2030 outside of mature markets, Chevrolet is taking steps to capitalise on that growth," said GM president Dan Ammann in a statement.
AFP
Chevrolet cars are seen at a General Motors dealership. Picture: REUTERS
NEW YORK — General Motors (GM) announced plans on Tuesday to invest $5bn to introduce a new family of cars under the Chevrolet line targeting emerging markets, co-developed by Chinese partner SAIC Motor.
The largest US car maker expects to manufacture and sell the vehicles in China, Brazil, India and Mexico and export the cars to other emerging countries. The first entry is expected in the 2019 model year, and the programme is anticipated to grow to more than 2-million vehicles annually.
The core architecture and engine of the new vehicles are being jointly developed with state-owned SAIC, a leading Chinese car maker and a partner of GM on major joint ventures in the world’s second-largest economy.
GM expects the new Chevrolet line to replace several existing offerings and that the programme will benefit from global economies of scale, as well as the purchase of car parts on a local level.
"With a significant majority of anticipated automotive industry growth in 2015 to 2030 outside of mature markets, Chevrolet is taking steps to capitalise on that growth," said GM president Dan Ammann in a statement.
AFP
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